Metropolitan Nashville and Davidson County, TN - File #: RS2022-1901

• File #: RS2022-1901
• Type: Resolution
• Status: Passed
• File created: 12/9/2022
• In control: Budget and Finance Committee
• On agenda: 1/17/2023
• Final action: 1/17/2023
• Title: A resolution adopting the Fund Balance Reserve Policies for the Metropolitan Government of Nashville and Davidson County.
• Sponsors: Kevin Rhoten, Courtney Johnston, Jeff Syracuse, Kyonzte Toombs, Burkley Allen, Zulfat Suara, Jennifer Gamble, Thom Druffel, Joy Styles

Date	Action By	Action
1/23/2023	Mayor	approved
1/17/2023	Metropolitan Council	adopted
1/17/2023	Budget and Finance Committee	approved
1/3/2023	Metropolitan Council	deferred
12/20/2022	Metropolitan Council	deferred
12/13/2022	Metropolitan Council	filed

title
A resolution adopting the Fund Balance Reserve Policies for the Metropolitan Government of Nashville and Davidson County.
body
WHEREAS, Ordinance No. BL2022-1632, adopted on January 17, 2023, created section 5.04.160 of the Metropolitan Code of Laws requiring the adoption of a Fund Balance Reserve Policy; and
WHEREAS, the Mayor has recommended for adoption the Fund Balance Reserve Policies attached hereto as Exhibit A, which includes the provisions required by M.C.L. ? 5.04.160; and
WHEREAS, it is in the interest of the citizens of the Metropolitan Government of Nashville and Davidson County that this resolution be adopted.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. The Metropolitan County Council hereby approves and adopts the Fund Balance Reserve Policies for the Metropolitan Government of Nashville and Davidson County, attached as Exhibit A to this Resolution and incorporated herein by reference.
Section 2. This Resolution shall take effect from and after its adoption, the welfare of the Metropolitan Government of Nashville and Davidson County requiring it.
Agenda Analysis
Analysis

This resolution adopts the Fund Balance Reserve Policies for the Metropolitan Government of Nashville and Davidson County. Adoption of the Fund Balance Reserve Policies has the purported objectives of:
a. documenting the responsibility for the oversight and management of Metro's Fund Balance Reserves;
b. defining the types of fund balance that will comprise Metro's Fund Balance Reserves;
c. defining the criteria for establishing and maintaining Metro's Fund Balance Reserves;
d. defining the criteria for use of the Metro's Funds Balance Reserves;
e. protecting and enhancing the Metropolitan Government's credit ratings; and
f. promoting equity for all Metro residents.

The policy will set a minimum target of 17% of each governmental operating fund, which is equal to approximately two months of M...