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v Major projects or initiatives that were completed during fiscal year 2019 are listed below:  Osprey Acres Floway and Nature Preserve - The 83 acre stormwater park that removes nitrogen and phosphorus from Osprey Marsh's outflow water and increases the County's ability to meet proposed total maximum daily loads (“TMDL”) for nutrients discharged into the Indian River Lagoon was completed at a cost of $7.7 million.  North County Commercial Septic to Sewer – The $3.0 million gravity sanitary sewer system was built to serve commercial areas along US Highway #1 and in the City of Sebastian.  North County Office at Sebastian Corners Renovations – This $2.6 million renovation to the commercial plaza known as Sebastian Corners was constructed for the relocation of the North County offices.  1st Street SW and 43rd Avenue Intersection Improvements – The $2.2 million project included addition of turn lanes, milling and resurfacing the roadway, canal enclosure, traffic signal enhancements, paved shoulders, curbing and sidewalk. 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 of the policy was 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. 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.