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Indian River County, Florida <br />Board of County Commissioners <br />Notes To Financial Statements <br />Year Ended September 30, 2011 <br />NOTE 17 - 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 the <br />current fiscal year will be reserved only for the purpose of revenue declines or unfunded mandates from <br />the state and federal governments. This reserve is presented as committed fund balance in those funds. <br />Funds utilized due to revenue declines will be replenished over a five-year period. Funds utilized for <br />unfunded mandates or unanticipated expenditures cannot be used for more than a three-year period and <br />must be replenished within five -years after the three-year period. <br />Minimum Fund Balance - The approved fund balance policy dictates the Board's attempt to maintain a <br />minimum fund balance in the General, Transportation, and Emergency Services District funds of 20% of <br />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 />283 <br />