CMC retains three months of expenses in a money market account as a financial reserve. Any excess cash moves into our operating budget.
The Finance Committee determines on a quarterly basis if:
- Our money market has 3 months cash reserves of budgeted expenses set aside. If not, this should be replenished as soon as possible.
- If the money market has 3 months cash reserves of budgeted expense, then calculate if any additional funds can be moved to Fund 01.
Adopted by Council August, 2015, with adjustments following the end of the Everyone Welcome Campaign, October, 2018.