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SUBJECT: 2025/2026 BUDGET RETREAT <br />DATE: JULY 24, 2024 PAGE 10 OF 16 <br />The City's Reserve Policy for the General Fund states, <br />The minimum unrestricted fund balance of the General Fund shall be maintained <br />at or above 15% of current operating expenditures. For purpose of this policy, <br />operating expenditures are defined as all expenditures less any interfund <br />transfers to other funds, regardless of whether the transfers are considered <br />recurring or non -recurring. <br />While the minimum unrestricted fund balance is set at 15% of current operating <br />expenditures, the targeted unrestricted fund balance will be at or above 25% of <br />current operating expenditures. <br />Open Space Fund <br />Incorporating the latest information, the following graph summarizes historical and <br />forward -looking projections of revenue, expenditures, and fund balances for the Open <br />Space Fund. <br />1 <br />CITY COUNCIL COMMUNICATION <br />11 <br />