Panama City clerk sets new reserve fund balance target
PANAMA CITY, Fla. (WMBB) – Panama City Commissioners are keeping a closer eye on the city reserve fund balance.
Panama City's previous reserve fund balance goal was 30% of the general fund budget.
The Government Finance Officers' Association (GFOA) recommends a reserve balance of 16.7%. Right now, Panama City is just over 17%.
Last month, commissioners asked City Clerk Jan Smith to create an attainable target.
Celebrate black history this weekend in Apalachicola
On Tuesday, Smith changed the target to the GFOA's 16.7% target.
'There is such a thing as having too much money. We don't want to be holding on to taxpayer dollars. Right. So this policy I think with a requirement to hold 16.7% gives you a little bit of a cushion for economic downturns. The 16.7 target is for emergency reserves,' Smith said.
If the city follows the 2025 budget expenditures, the reserve balance will be just over two percent by the end of the year.
As the city continues its Hurricane Michael rebuild, commissioners said this will not be a quick fix. But they say a more realistic target gives them a better idea about what they're trying to achieve.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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