Cheyenne, WY (KGWN) - If something were to happen, whether it be a natural disaster or an economic one, Cheyenne would have enough money saved away to continue operating for 43 days. After an audit, it was determined that 43 days wasn't enough, and so a proposal to revise the city's general reserve fund was put on the agenda.
The new guidelines call for Cheyenne to have enough money in the general reserve fund to be able to operate the city for 60 days, and that proposal was passed Monday evening with a vote of 8-2.
According to Councilmen Shanor, the city will grow its reserve fund in increments, saying,
"...we didn't just pick an amount and say it has to be implemented on x-date, it was more like, this is where we need to be, please develop a plan and get us there soon."
Shanor expects it to take around two budget cycles to get the reserve fund where it needs to be.
Also on the agenda for Monday evening was a resolution to continue the optional one percent sales tax, or the 5th Penny Tax. It was approved and will now move to the general ballot in November.
The 5th Penny Tax is a critical part of the city's budget, with 80% of that money going directly into road construction and street repairs with the other 20% going to different entities in Cheyenne, including the Police Department and the Cheyenne Animal Shelter.