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:
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Options:
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Attachments & Links:
Ordinance 5979	Cash Reserve Survey		Reserve ComparisonClick here to enter text.
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