City Manager Charlie McClendon presents a 7-minute video that explains the City’s financial strength as part of the 2015/16 Mid-Year Budget Review. What is most important is that the City continues to surpass the Council’s reserve balance policy of 33% of the annual budget. In other words, the City’s savings account has more than 33% of the City’s annual budget available in case of an economic downturn or emergency.
The five-year forecast, based on current economic indicators, shows the City continuing to surpass the 33% reserve balance and coming within a few percentage points of the City Council’s goal of having 50% of the annual budget available in reserves.
