- Associated Press - Thursday, May 22, 2014

TUPELO, Miss. (AP) - The Tupelo City Council has authorized separating city reserves from the money needed to pay operational expenses like payroll, fuel and supplies.

The Northeast Mississippi Daily Journal reports (https://bit.ly/Txz3VN ) the city has $18.5 million in reserves but will keep $5 million in the general fund as a cushion to ensure it never has to worry about bouncing a check.

Mississippi state law began permitting creation of municipal reserve accounts - also called “rainy day” accounts - in 1999.

City Clerk and Chief Financial Officer Kim Hanna says separating savings from tax dollars used to pay ongoing city bills also will create better oversight and monitoring of monthly expenses.

Along with keeping a better eye on savings, the change will also allow city leaders better monitor monthly expenses.

___

Information from: Northeast Mississippi Daily Journal, https://djournal.com

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide