City Council:
AN ORDINANCE AUTHORIZING THE ADOPTION
OF A FUND BALANCE POLICY FOR THE
CITY OF MOUNT VERNON
Whereas, by correspondence dated July 21, 2025, the Comptroller has formally requested that the City of Mount Vernon adopt the attached Fund Balance Policy, designated as Exhibit A, which is hereby incorporated by reference and made a part of this Ordinance as if fully set forth herein; and
Whereas, the City Council of the City of Mount Vernon ("the Council") recognizes the need to maintain the City's financial stability and protect its long-term fiscal health; and
Whereas, the unassigned fund balance is a critical measure of economic stability that provides a financial cushion against unforeseen revenue shortfalls, unexpected expenditures, and other financial risks; and
Whereas, the City's annual audits for 2018 and 2019 have indicated a steady decline in the fund balance over time; and
Whereas, the City Comptroller, in collaboration with the City's financial advisors, Capital Markets Advisors, LLC, has developed a comprehensive Fund Balance Policy (the "Policy") to establish clear guidelines for maintaining a prudent level of fund balance; and
Whereas, the adoption of this Policy will enhance the City's creditworthiness, support operational cash flow, and safeguard taxpayers against extraordinary or unexpected events; and
Whereas, the Council finds it necessary and appropriate to formally adopt this Policy and repeal any previous fund balance policies that may be inconsistent with the provisions herein; Now, Therefore, Be It Resolved That
The City of Mount Vernon, in City Council convened, does hereby ordain and enact:
Section 1. Adoption of Fund Balance Policy. The City of Mount Vernon hereby adopts the attached Fund Balance Policy, marked as Exhibit A, which is incorporated by reference and made a part of this Ordinance as if fully set forth herein.
Section 2. Purpose. The purpose of this ...
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