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2015 NEO Mayors Schools
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2015 NEO Mayors Schools
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12/8/2015 10:22:35 AM
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Cash Reserves•Cash reserves are monies mainta <br />ined in a fund that are available for cash flow purposes and emergencies. Cash reserves are similar, but not identical, to the term fund balance. <br />•The Government Finance Officers Association (GFOA) recommends a minimum fund balance equal to two months of revenue or expenditures (17%) in the General Fund. <br />•Higher cash reserves may be needed if there are delays in receiving revenue (i.e. Indiana property tax distributions are received primarily in June and December). <br />•A written cash reserves policy is recommended for each fund.•Adequate cash reserves are one factor used by bond rating agencies in evaluating local government debt. <br />5
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