CITY of RAPID CITY

Agenda Item Summary

 

Meeting Date: 1/15/2014

L&F Committee: 1/15/2014

Staff Contact: Pauline Sumption/Wade Nyberg

City Council 1st Reading: 12/2/2013

 

City Council 2nd Reading: 12/16/2013

Agenda Title:

Ordinance No. 5979  An Ordinance to Codify the Method for Calculating the General Fund Cash Reserve Balance by Amending Section 2.40.140 of the Rapid City Municipal Code

Summary:

Section 2.40.140 requires the Finance Officer to provide a monthly report of the general fund reserve balance.  The ordinance does not specify how the reserve balance is calculated, so a method of calculation is proposed that equals 15% of the budgeted general fund expenditures less expenditures for capital outlay.

Funding Source & Fiscal Impact (if applicable):

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Recommendation:

Action: Choose an item. Approve

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Options:

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Attachments & Links:

Ordinance 5979

 Cash Reserve Survey

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