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City to consider starting rainy day fund
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McMinnville officials will be considering starting a rainy day fund during the Board of Mayor and Aldermen meeting Tuesday night. Money will be added to the fund at the end of each fiscal year.City administrator David Rutherford informed officials last month that, with a projected ending balance in 2012 of $2 million, the city’s cash flow problem has been minimized.He encouraged them to begin saving to help prevent cash flow problems due to emergencies or shortfalls in the future.“It is now time for the board to begin building a rainy/ stormy day fund to deal with unknown emergencies,” Rutherford said. “It is proposed the board set aside $250,000 at the beginning of the next fiscal year, July 2012.”The goal for the city is to have $1 million in funds to be used only for real emergencies from natural events.