In a major policy shift to squirrel away significantly added “rainy day funds,” the F.C. Council considered a City staff recommendation to increase the fund balance target from a top of 12 to a top of 17 percent of annual operating costs. The current policy is that the fund balance be maintained between 8 and 12 percent, and the proposal is to increase it to a range of 12 to 17 percent.
F.C. Chief Financial Officer Richard LeCondre said that the “volatility” associated with being a small jurisdiction justifies the new target, especially in the current uneasy economic times, but City Council member Robin Gardner expressed concern about keeping so much in taxpayer dollars out of operation.