Page 244 - Saginaw FY19 Annual Budget
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CITY OF SAGINAW
GENERAL FUND EMERGENCY RESERVE POLICY
2017-2018
Policy number 87-4, creating the Emergency Reserve Fund Policy, was approved October 20, 1987. This
policy increased the current Emergency Reserve for General Fund from $150,000 to $450,000 from
unappropriated surplus. This would rename the surplus funds. The Emergency Reserve would remain
at $450,000. The interest income will be added to the General Fund Operating Funds. The increase of
$450,000 in the Emergency Reserve will enable the City to operate the General Fund for three months.
These funds will not be used unless there is some type of emergency and with Council approval.
The Council amended 88-1, City of Saginaw Investment Policies on September 6, 1988. It states that the
City shall maintain an Emergency Reserve Fund Balance in General Fund between 20% and 30% of the
operating budget. The Emergency Reserve was increased from $450,000 to $550,000 at that time.
REVISIONS
On June 7, 1994, the General Fund Emergency Reserve increased from $550,000 to $600,000.
On September 17, 1996, the City amended the policy. The new policy states that the City shall
maintain an Emergency Reserve Fund Balance in the General Fund between 15% and 20% of the
operating budget. The Emergency Reserve balance was increased to $600,000.
On September 15, 1998, the General Fund Emergency Reserve increased from $600,000 to $700,000.
On October 5, 1999, the General Fund Emergency Reserve increased from $700,000 to $800,000.
On October 3, 2000, the General Fund Emergency Reserve increased from $800,000 to $900,000.
On August 21, 2001, the General Fund Emergency Reserve increased from $900,000 to $1,000,000.
On August 22, 2002, the General Fund Emergency Reserve increased from $1,000,000 to $1,100,000.
On August 12, 2003, the General Fund Emergency Reserve increased from $1,100,000 to $1,200,000.
On September 7, 2004, the General Fund Emergency Reserve increased from $1,200,000 to $1,300.000.
On August 29, 2005, the General Fund Emergency Reserve increased from $1,300,000 to $1,400,000.
On September 5, 2006, the General Fund Emergency Reserve increased from $1,400,000 to $1,500,000
On September 4, 2007, the General Fund Emergency Reserve increased from $1,500,000 to $1,650,000.
On September 3, 2008, the General Fund Emergency Reserve increased from $1,650,000 to $1,750,000.
On September 28, 2009, the General Fund Emergency Reserve increased from $1,750,000 to $1,850,000.
On September 22, 2010, the General Fund Emergency Reserve increased from $1,850,000 to $1,950,000.
On September 7, 2011, the General Fund Emergency Reserve increased from $1,950,000 to $2,050,000.
On September 4, 2012, General Fund Emergency Reserve increased from $2,050,000 to $2,150,000.
On September 3, 2013, General Fund Emergency Reserve increased from $2,150,000 to $2,250,000.
On September 2, 2014, General Fund Emergency Reserve increased from $2,250,000 to $2,350,000.
On September 1, 2015, General Fund Emergency Reserve increased from $2,350,000 to $2,450,000.
On September 6, 2016. General Fund Emergency Reserve increased from $2,450,000 to $2,550,000.
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