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FUND BALANCE POLICY - HIGHLIGHTS <br /> Target=20% of Operating Revenues; of that, 25% is available for unforeseen events <br /> Example: <br /> Target=Gen Govt. Fund Balance of$18,500,000 total <br /> 25% = $4,625,000 available for unforeseen events <br /> General Fund Balance plus Rainy Day Fund Balance Reserve represent 2.8 months <br /> expenditures. <br /> May use 25%of General Fund Balance for budget amendments with restoration plan included <br /> in amendment. <br /> May use remaining General Fund Balance for emergencies with restoration plan included in <br /> amendment. <br /> (Represents 15% of Revenues) (Requires Supermajority approval) <br /> Operating budget will be limited to anticipated revenues. <br /> Revenues in excess of operating expenditures may be transferred to Capital Reserve, Long <br /> Term Obligations or Debt Service Funds. <br /> MVD Replacement/ Street Overlay/CEP may be paid from Capital Reserves. <br /> EXAMPLE: <br /> Estimated 2004 Revenues: $92,500,000 • <br /> 20%Fund Balance Target $18,500,000 <br /> 25% accessible amount $ 4,625,000 <br /> 75% emergency amount $13,875,000 <br /> Rainy Day Fund Balance $ 3,100,000 <br />