Via Daily Record: Good year lets city add $11M to reserve fund

[Captain Zissou]

http://www.jaxdailyrecord.com/showstory.php?Story_id=549079 

When it comes to the actual versus projected performance of the city's general fund budget, 2015-16 was a very good year.
So good, the City Council Finance Committee voted Thursday to draft legislation to increase the reserve fund by 20 percent.

"The general fund is in a strong position," said Kirk Sherman, council auditor.

Expenses on the whole were lower than anticipated and revenues were greater than projected, resulting in the budget being 1.5 percent ahead, he said.

Sherman suggested increasing the reserve from 5 percent of the $1 billion budget to 6 percent by transferring about $11 million into the city's account earmarked for unexpected expenses.

"It's prudent, especially when times are good," said council member Bill Gulliford.

Council member Greg Anderson put it another way. "It's good to put grain in the storehouse," he said.

Question for those more knowledgeable:  is this a good use of a surplus of the general fund?  I feel like there are projects that could have benefited from this, but would the general fund money not be eligible for such a purpose?

[Tacachale]

I'd say yes. The reserves were pretty depleted after the recession, and 6% is a good cushion if it's doable. Future us will thank present us the next time we need to hit up the reserves.