Memo
TO: Mayor Collins and Town Council Members
FROM: Kevin Burke, Town Manager
Dawn Marie Buckland, Director of Administration & Gov’t Affairs
DATE: September 8, 2016
DEPARTMENT: Administration and Government Affairs Department
Staff Contact
Dawn Marie Buckland, 480.348.3555
End
AGENDA TITLE:
Title
Financial Reserve Policies
Body
Council Goals
Develop a long term sustainable budget
SUMMARY STATEMENT:
The Town’s current financial policy dictates that operating fund balances be maintained between 90-110% of annual operating expenditures. This study session item will provide an opportunity for dialogue regarding the current policies, industry standards and best practices, and the Town’s goals for fiscal sustainability, including accelerated payment of the Public Safety Personnel Retirement System (PSPRS) unfunded liability to minimize the impact of the 8% assessment. Staff is seeking feedback regarding an accelerated pay-down plan and establishing a reserve policy goal and minimum.
ATTACHMENT(S):
PowerPoint