UMRWA Reserves Policy is contained in Policy 3: Budget Policy and Procedure (26 July 2019)

Budget Reserve – The annual target for the budgeted reserve will first be the sum of 50% of the prior 3-year average Member Funds expenditures, plus the sum of 10% of the prior 3-year average Grant Funds expenditures. Secondly, the sum of any unsettled financial obligation(s) is then to be added to determine the total budget reserve amount for that fiscal year.