Derry council adopts formal fund balance policy
The Town Council unanimously accepted the policy, which establishes a method to fund capital improvements while defining a reasonable level of unassigned general fund balance to meet normal cash flow and potential emergency spending needs, according to town finance director Frank Childs.
“This is something they felt comfortable with,” said Anderson.
“It describes how and when to utilize various categories of fund balance,” said Childs. “It sets forth a process by which unassigned fund balance would be reclassified to capital reserve funds for fire, information technology, police and public works.”
“This policy will have a favorable fiscal impact now and into the future by creating a framework that will promote financial stability,” said Childs.
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