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Home My WebLink About10-279~p~, i~: Vrl-ra ~m RESOLUTION NO. 10-279 A RESOLUTION ESTABLISHING BUDGET POLICIES REGARDING THE FUNDING AND USE OF EMERGENCY RESERVES AND FUND BALANCE RESERVES; PROVIDING AN EFFECTIVE DATE WHEREAS, the Board of County Commissioners of St. Lucie County, Florida, has made the following determinations: 1. As several of the County's funds have sufficient reserves for emergency, it is appropriate to exclude such funds from the annual budget emergency reserve calculation. 2. The County's bond rating agencies have recommended the Board establish a formal policy for funding and use of the fund balance reserves. 3. The Board has determined that it is appropriate to establish a policy regarding the future funding and use of emergency and fund balance reserves. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of St. Lucie County, Florida: 1. The Board hereby adopts the following budget policies: A. Emergency Reserve Fund -The Board shall maintain a designated Emergency Reserve Fund equal to 5% of the total operating budget excluding funds that have a minimum of 10% or $2,000,000.00 in reserves, whichever is greater. By majority vote, the Board may use all or a portion of this designated Emergency Reserve Fund. Such use shall normally be reserved, however, for natural or manmade disasters. B. Fund Balance Reserves -The Board shall maintain a Fund Balance Reserve in the General Fund equal to 5% of the General Fund operating budget. By a majority vote, the Board may use all or a portion of this fund balance reserve to address unanticipated revenue shortfalls or any unforeseen expenditures not necessarily resulting from a natural or manmade disaster. 2. This resolution shall take effect retroactively on October 1, 2010. 1 PASSED AND DULY ADOPTED this 19th day of October 2010. ATTEST: ~~/ DEPUTY ~ r ~- f , I. ~ Y ..~ _ _:.. - _ . j: ~ F.._. .. ~ ~~~ . A' ~_ - , a~ ~~ ~ ~~ ' : ~:'r _, ., ._%- BOARD OF COUNTY COMMISSIONERS ST. LUCIE COUNI~`Y, FLORIDA BY: ~~ HA N APPROVED AS TO LEGAL FORM AND CORRECTNL~35: COUNTY A 2