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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2010 NOTE 19 - FUND BALANCE - Continued Fund Balance Policy - Continued Budget Stabilization Reserve — A balance of no less than 5% of budgeted operating expenditures for the current fiscal year will be reserved only for the purpose of revenue declines or unfunded mandates from the state and federal governments. This reserve is presented as committed fund balance in those funds. Funds utilized due to revenue declines will be replenished over a five-year period. Funds utilized for unfunded mandates or unanticipated expenditures cannot be used for more than a three-year period and must be replenished within five -years after the three-year period. The approved fund balance policy dictates the County's attempt to maintain a minimum unassigned fund balance in the General, Transportation, and Emergency Services District funds of 20% of budgeted annual operating expenditures. The Emergency/Disaster Relief and Budget Stabilization Reserve amounts may only be revised by the Board of County Commissioners. The minimum fund balance level may be revised by the County Administrator or his designee. Spending Hierarchy For all governmental funds, when restricted, committed, assigned, and unassigned fund balances are combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as appropriate, then assigned and finally unassigned fund balances. NOTE 20 - FUND BALANCE DEFICIT The following funds had a deficit in fund balance at September 30, 2010: Fund Deficit Nonmajor Governmental Funds: Metropolitan Planning Organization Fund $ 120,199 Federal/State Grants Fund 45,695 Disaster Recovery Grant Fund 33,248 Total Deficit $ 199,142 The deficits for these three funds will be eliminated by grant proceeds in fiscal year 2011. 95