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(GASB) issued Statement No. 54 which amends the way fund balance and reserves are reported, <br />and as a result, adjustments to the current fund balance and reserve policy are now required. <br />The Board sought and received clarification regarding the restricted/unrestricted fund <br />categories, the Enterprise Funds (Utilities), and the percentage of reserves used for certain <br />projects. <br />MOTION WAS MADE by Commissioner Davis, <br />SECONDED by Commissioner Wheeler, to approve the <br />Fund Balance and Reserve Policy effective September 21, <br />2010. <br />Discussion ensued regarding the importance of the reserves, challenges from the cost of <br />hurricanes, and future limitations. <br />Bob Johnson, Coral Wind Subdivision, wanted to know if the change in reserves would <br />cause an increase in utility or emergency fees, and Administrator Baird replied that it would not. <br />The Chairman CALLED THE QUESTION and by a 4-1 <br />vote (Commissioner Solari opposed), the Motion carried. <br />The Board approved the Fund Balance and Reserve Policy <br />effective September 21, 2010. <br />12.H. RECREATION - NONE <br />15 <br />September 21, 2010 <br />