SUBJECT/RECOMMENDATION:
Title
Set minimum reserves at $50,000 for the Fiscal Year 2020-21
Body
SUMMARY:
In 2016, the DDB approved a policy to establish minimum reserves as part of the annual budget process. In 2019, the DDB voted to adopt a minimum reserve in the amount of $75,000. Due to a new funding process and the ongoing impact of COVID 19 on local businesses, CRA staff recommends establishing the minimum reserves level at $50,000 for the Fiscal Year 2020-21. This will provide the DDB with additional funds to support grant requests while still maintaining funding for unanticipated expenses.