Reserve Policy Update
Motion
It was moved and seconded that Council revise the minimum and set a maximum balance for the three (3) financial stability reserves, to be reviewed every five (5) years, as follows: Minimum Balances: 1. $15,000,000 for the General Financial Stability Reserve 2. $500,000 for the Sewer Financial Stability Reserve 3. $1,700,000 for the Water Financial Stability Reserve Maximum Balances: 60 days of prior year’s budgeted general operating expenditures for all three (3) financial stability reserves.