FROM:
Natalie Hawkins & Brooke Hunter

DATE OF MEMO:
1/21/2021

MEMO DETAILS:

This agenda item is to discuss Village staff's recommendation on potential modifications to the Village's Fund Balance Policy.  The Council discussed the Fund Balance Policy at their annual Strategic Planning Retreat in December.  Based on that discussion, staff recommends changes to the Fund Balance Policy that are described in the attached document titled Fund Balance Policy Recommendations - Jan 2021. This recommendation includes the addition of a provision to set aside, or commit, excess fund balance for future capital needs.

 

Also attached to this agenda item are the following other documents:

 

1. Fund Balance Example Calculations - This document details how to calculate amounts committed for future capital needs.
2. Draft Resolution to Amend the Fund Balance Policy - This document indicates staff's proposed amendments to the Council's Fund Balance Policy.

 

We look forward to reviewing this proposal with the Village Council at your work session.