The Lebanon City Council Monday approved the first reading of a fund balance policy for the city’s Parks Department.
City voters last year approved a new sales tax to fund parks and stormwater improvements.
According to City Finance Director Kat Gill, a fund balance policy ensures that a municipality has significant resources to prepare for future uncertainty. “Uncertainty can come in many forms, such as a significant taxpayer leaving the City, a natural disaster, or a general economic downturn,” she said.
“This policy is to help ensure that the City maintains adequate fund balances to provide the basis for a stable financial environment and to allow the City to provide quality services to its residents,” Gill said.
She said the fund balances will provide working capital for regular ongoing operations and reserves for emergency situations.
For more on this story, see Wednesday's LCR.