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| DATE:
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9/4/2018 7:00:00 PM |
| SUBJECT: |
| Council Consideration of a Resolution to Amend the City of Gillette, Wyoming Financial Operating Policies. |
| BACKGROUND: |
| The City of Gillette, Wyoming Financial Operating Policies were adopted by Resolution 2347 on December 5, 2011, and amended by Resolution 2380 on August 20, 2012. During the City Council Strategic Planning Session on January 5-6, 2018, there was discussion concerning the reserve balance in the General Fund. The reserve balance was originally set in the Financial Operating Policies to provide funding for 90 days of operations, which was later amended to 120 days of operations. As discussed in the City Council Pre-Meeting on August 21, 2018, Staff would recommend that setting the operating reserve balance for the General Fund at 150 days is appropriate due to greater vulnerability to extreme events and risks related to revenue source stability. To make that change, the first sentence of Part A of the Reserve Fund Policies will have to be amended to read as follows: "The City shall maintain a 150-day operating reserve balance in the General Fund and a 90-day operating reserve balance in the Enterprise Funds." |
| SUGGESTED MOTION: |
| I move for the approval of a Resolution to amend the City of Gillette, Wyoming Financial Operating Policies. |
| STAFF REFERENCE: |
| Michelle Henderson, Finance Director |
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