HomeMy WebLinkAbout20-001 - Citizen's Budget CommitteeSt. Lucie County Citizen Budget Committee
Resolution 2020-01
Recommendation on the County's Reserve Policy
WHEREAS, the St. Lucie County Citizens Budget Committee ("Committee") met on August 21,
2020, to review the County's reserves; and,
WHEREAS, as a result of these discussions, the Committee has the following concerns:
1. Reserves levels for emergencies are too low.
2. Need to establish a reserve policy that preserves or improves the County's bond ratings.
NOW, THEREFORE, BE IT RESOLVED by the St. Lucie County Citizens Budget Committee as
follows:
1. The Committee recommends changing the emergency reserve policy for the General
Fund and Fine and Forfeiture Fund (GF/FF) to a percentage of the budget instead of a
flat amount.
2. The Committee recommends setting a 5-year goal to increase the GF/FF reserves to 20%
of the budget with a longer range goal of 25%.
3. The Committee recommends that when the emergency reserves are utilized, there
should be a policy to replenish the reserves within a period not to exceed three years.
4. The Committee recommends utilizing a variety of measures to achieve the desired
reserve levels including but not limited to utilizing new revenue for reserves, applying
interest earnings to reserves, and exploring efficiencies and reallocating savings to
reserves.
5. A copy of this resolution shall be provided to the Board of County Commissioners, the
County Administrator and the Management and Budget Director.
PASSED AND DULY ADOPTED this 2111 day of August, 2020.
St. Lucie Citizens Budget Committee
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BY:
CARL HENSLEY, CHAIR AN