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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2020 <br />NOTE 16 - FUND BALANCE - Continued <br />A. Categories - Continued <br />Assigned - The Board of County Commissioners is the governing body authorized to assign <br />fund balance amounts to be used for specific purposes. This assignment is done through <br />the budget approval and amendment process. Amounts appropriated to eliminate a <br />budgetary deficit in a subsequent year are reported in this category as well. <br />Unassigned - Residual amounts in the general fund that do not meet any of the other fund <br />balance classifications. <br />B. Fund Balance Policy <br />On September 21, 2010, the County approved a Fund Balance and Reserve Policy that set <br />forth the following reserves of fund balance in the General, Transportation, and Emergency <br />Services District Funds: <br />Emergency/Disaster Relief Reserve - A balance of no less than 5% of budgeted operating <br />expenditures for the current fiscal year will be reserved only for the purpose of responding <br />to natural and man-made disasters. Disasters include: hurricanes, tropical storms, floods, <br />wildfires, or terrorist activities. These funds can only be used to respond and provide relief <br />after such a disaster. Funds wilt be replenished over a five-year period after the <br />completion of the recovery from the disaster. <br />Budget Stabilization Reserve - A balance of no less than 5% of budgeted operating <br />expenditures for the current fiscal year will be reserved only for the purpose of revenue <br />declines or unfunded mandates from the state and federal governments. Funds utilized due <br />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 <br />three-year period and must be replenished within five -years after the three-year period. <br />At September 30, 2020, reserve amounts for those funds were: <br />Budget <br />Disaster Relief Stabilization Total <br />General Fund $ 7,650,000 $ 7,650,000 $ 15,300,000 <br />Transportation Fund 950,000 950,000 1,900,000 <br />Emergency Services District Fund 2,250,000 2,250,000 4,500,000 <br />Total $ 10,850,000 $ 10,850,000 $ 21,700,000 <br />107 <br />