Coversheet

	REQUEST FOR COUNCIL AGENDA The City of Hartsville	Agenda Date: 12/8/2020
To: City Council
From: City Manager

Ordinance Number: Resolution Number: 12-20-01 - REGULAR MEETING

ORDINANCE/RESOLUTION CAPTION:

To adopt and approve a policy for General Fund Reserves to maintain a stable financial base.

BACKGROUND SUMMARY:

It is the goal of the City to achieve and maintain an unassigned General Fund reserve in the range of 15% to 17% of budgeted expenditures. The City considers a balance of less than 15% to be a cause for concern.

IMPACT IF DENIED:

Could jeopardize future bond ratings and clean audits.

IMPACT IF APPROVED:

Will secure and maintain the city’s investment grade bond ratings.

ATTACHMENTS:
	Description
	Resolution 12-20-01