City considers setting up contingency fund

September 17, 2013

City Finance Director Diane Marcotte introduced plans for a city contingency fund during the Aug. 5 regular City Council meeting.

Previously discussed during Marcotte’s presentations to the council as a part of new financial policies to explore, she said a contingency fund could help prepare for major unexpected expenses as well as improve the city’s bond rating.

The introduction for the agenda bill explains the motivation behind the idea.

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