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also include a traffic signal, four foot wide paved shoulders, curbing and a five foot wide sidewalk. Costs are estimated to be $2.2 million and will be funded by optional one cent sales tax. Major projects that were completed during fiscal year 2016 are listed below: • Intergenerational Recreation Facility at South County Regional Park - The grand opening and ribbon cutting ceremony of the $12 million state of the art recreational facility at the South County Regional Park was held in August 2016. • 45th Street Beautification Project - The milling and resurfacing of 45th Street from 43rd Avenue to east of 24th Avenue, along with sidewalk enhancements and extensive landscape improvements, were completed at a cost of $1.4 million. • 20th Avenue and 16th Street Intersection Improvements - The $1.1 million re -alignment of 20th Avenue at 16th Street as well as the addition of left turn lanes to 20th Avenue were constructed. • Fire Station #1 Renovations - Major renovations were completed to Fire Station #1 on Old Dixie Highway at a cost of $1.4 million. Relevant Financial Policies In accordance with Section 218.415, Florida Statutes, the County adopted an investment policy, which guides the investment of County surplus funds. This policy establishes investment objectives, maturity and liquidity requirements, portfolio composition, risk and diversification requirements, and authorized investments. The primary objectives of investment activities are to preserve capital and maintain sufficient liquidity to meet anticipated cash flow needs. The secondary objective is to obtain competitive returns on the investment of County surplus funds. On September 23, 2008, the County established the OPEB (Other PostEmployment Benefits) Trust. An OPEB investment policy was approved by the Board of County Commissioners in February 2009. The objective was to establish an advisory committee and to provide short-term and long-term investment guidelines. This policy also outlines the same criteria as noted in the County's investment policy, as well as including performance measures. The County's policy is to fund the annual OPEB obligation monthly. In addition, a $9 million contribution was made in September 2016.to lower the actuarial unfunded liability. The County's goal is to maintain an overall fund balance equal to 30% of the annual budget in all of its taxing funds, which provides a three month cushion for operating expenses. The three month reserve is necessary due to the timing of property tax levies in the State of Florida. Although the fiscal year begins in October, property tax monies are not typically received until mid to late December, which would require the County to operate in a deficit position for the first two months of the fiscal year without this reserve. Reserve funds are needed in order to allow the County to respond to events without facing serious financial burdens. County policy is to maintain fund balance levels and prohibit the use of fund balance to fund recurring expenditures. Information on the County's fund balance policy can be found in County Note 16. During fiscal year 2016, the County implemented Government Accounting Standards Board (GASB) Statement No. 72, Fair Value Measurement and Application. The Statement addresses accounting and financial reporting issues related to fair value measurements. It provides guidance for determining a fair v