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                        <td WIDTH="100%" height="306" ALIGN="center" valign="top"><p style="margin-top: 0; margin-bottom: 0"><span style="font-weight: bold; font-size: 16px">Rainy-Day Fund Policy Analyses Sought by GFOA</span></p>
                          <p align="left" style="margin-top: 0;"><br>
                        The GFOA is seeking information on how governments determine the optimal level of their rainy-day funds/ unreserved fund balance. Many governments have a policy or practice to maintain a rainy-day fund equal to a specific percentage of revenues or expenditures. The GFOA would like to find out how governments determine that specific percentage. </p>
                        <p align="left" style="margin-bottom: 0;">Please send relevant spreadsheets, memos, studies, or other analyses to Greg Michel at gmichel@gfoa.org, or by mail at 203 N. LaSalle, Suite 2700, Chicago, IL 60601-1210.</p></td>
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