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Coral Gables maintains a 25% general fund reserve totaling $59,374,844, while the board discussed a possible $100 million emergency line of credit for catastrophic events. No final decision on the line of credit was recorded.
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The reserve is intended to cover about three months of operations or two minor hurricanes and does not include capital spending. The board also reviewed pension funding, which is currently 75% funded, and confirmed that the emergency medical billing company charges a 5% fee, down from the prior company’s 7% fee. A possible capital reserve was postponed until the next meeting.
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