City: Time to beef up cash reserves

Posted on July 17, 2019

The City of Perry is facing a looming financial crisis common to many households – the need to increase its savings (i.e. cash reserves) while still meeting its everyday budgetary needs.

Finance Director Penny Staffney gave council members the wake-up call during an overview of the city budget, noting “You have $7.2 million in unrestricted cash reserves, which are steadily being decreased by capital outlay purchases, and are not being replenished.”

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