In a reversal of pandemic-era belt-tightening, the City Council on March 6 approved $1.3 million in transfers to various reserve funds. The transfers include $500,000 to the Pension Reserve Fund, $600,000 to the Housing Reserve Fund and $200,000 to a newly-created Capital Improvement Reserve Fund. The source of the transfers is the General Fund Contingency.
The Council authorized the transfers during a mid-year report for the 2022-23 budget. The action included adjustments to increase projected revenues by $1 million and General Fund expenditures by $31,000 for the remainder of the fiscal year, which ends June 30.
The adjustments secure $4.8 million for the General Fund Contingency, which represents $29.55% of the operating budget and the ability to fund operations for 108 days.