And that's why for the first time in a Long time we dropped below 15% on our fund balance, which is recommended. If we were to keep dropping fund balance, it would drop below 10%. The city has never in its history drop below 10% fund balance. We think that would be very risky. And so part of the reason why we have to make these structural fixes is otherwise you're just going to keep dipping into the savings account every year. (42:33–42:37)
CLAIM
Asserts that the city's fund balance has never dropped below 10% historically.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
