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Indian River County, Florida <br />Board of County Commissioners <br />Notes To Financial Statements <br />Year Ended September 30, 2017 <br />NOTE 15 - 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. Funds utilized due to revenue declines will be replenished over a <br />five-year period. Funds utilized for unfunded mandates or unanticipated expenditures cannot be used <br />for more than a three-year period and must be replenished within five -years after the three-year period. <br />At September 30, 2017, reserve amounts for those funds were: <br />Budget <br />Disaster Relief Stabilization Total <br />General Fund $ <br />5,950,000 $ <br />5,950,000 $ <br />11,900,000 <br />Transportation Fund <br />800,000 <br />800,000 <br />1,600,000 <br />Emergency Services District Fund <br />1,900,000 <br />1,900,000 <br />3,800,000 <br />Total $ <br />8,650,000 $ <br />8,650,000 $ <br />17,300,000 <br />The General Fund reserves are included in the unassigned fund balance on the balance sheet. The <br />Transportation Fund reserves are included in the assigned fund balance and the Emergency Services <br />District Fund reserves are included in the restricted fund balance on the balance sheet. The <br />Emergency/Disaster Relief and Budget Stabilization Reserve amounts may only be revised by the Board <br />of County Commissioners. <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. 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 />D. Fund Balance Deficit <br />The Metropolitan Planning Organization Fund, a nonmajor Governmental Fund, had a deficit in fund <br />balance of $283,342 at September 30, 2017. This deficit will be eliminated by grant proceeds in fiscal <br />year 2018. <br />312 <br />