Laserfiche WebLink
Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2011 <br />NOTE 19 - FUND BALANCE — Continued <br />B. Fund Balance Policy - Continued <br />Budget Stabilization Reserve — A balance of no less than 5% of budgeted operating expenditures for <br />the current fiscal year will be reserved only for the purpose of revenue declines or unfunded mandates <br />from the state and federal governments. This reserve is presented as committed fund balance in those <br />funds. Funds utilized due to revenue declines will be replenished over a five-year period. Funds <br />utilized for unfunded mandates or unanticipated expenditures cannot be used for more than a three-year <br />period and must be replenished within five -years after the three-year period. <br />Minimum Fund Balance - The approved fund balance policy dictates the County's attempt to maintain <br />a minimum fund balance in the General, Transportation, and Emergency Services District funds of 20% <br />of budgeted annual operating expenditures. <br />The Emergency/Disaster Relief and Budget Stabilization Reserve amounts may only be revised by the <br />Board of County Commissioners. The minimum fund balance level may be revised by the County <br />Administrator or his designee. <br />C. Spending Hierarchy <br />For all governmental funds, when restricted, committed, assigned, and unassigned fund balances are <br />combined in a fund, qualified expenditures are paid first from restricted or committed fund balance, as <br />appropriate, then assigned and finally unassigned fund balances. <br />93 <br />