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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2013 NOTE 19 - FUND BALANCE — Continued B. 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. 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. At September 30, 2013, reserve amounts for those funds were: Budget Disaster Relief Stabilization Total General Fund $ 5,100,000 $ 5,100,000 $ 10,200,000 Transportation Fund 700,000 700,000 1,400,000 Emergency Services District Fund 1,400,000 1,400,000 2,800,000 Total $ 7,200,000 $ 7,200,000 $ 14,400,000 The General Fund reserves are included in the unassigned fund balance on the balance sheet. The Transportation Fund reserves are included in the assigned fund balance and the Emergency Services District Fund reserves are included in the restricted fund balance on the balance sheet. Emergency/Disaster Relief and Budget Stabilization Reserve amounts may only be revised by the Board of County Commissioners. Minimum Fund Balance - The approved fund balance policy dictates the County's attempt to maintain a minimum fund balance in the General, Transportation, and Emergency Services District funds of 20% of budgeted annual operating expenditures. The minimum fund balance level may be revised by the County Administrator or his designee. C. 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. D. Restatement of Beginning Fund Balance Beginning fund balance for the Sheriff special revenue fund was restated due to the reclassification of amounts previously reported in the agency fund. At October 1, 2012, this results in an increase of the Sheriff's special revenue fund balance of $107,947. 95