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Enterprise Funds — (Solid Waste, Efland Sewer, and the Orange County Sportsplex) —The <br /> County will strive to maintain unrestricted net assets greater than 8% of total operating <br /> revenues at fiscal year end, net of any donated assets recognized, to provide reserves for <br /> operations and future capital improvements. <br /> Restrictions, reservations, and designations of Net Assets for Enterprise Funds <br /> For external reporting purposes, net assets will be reported as restricted or unrestricted in <br /> accordance with GAAP. For internal purposes, net assets will be reserved or designated as <br /> follows: <br /> 1. Encumbered balances to continue existing projects are designated. <br /> 2. Designations for funding of planned projects in a future period to reduce the <br /> financial demands placed upon a subsequent budget. <br /> Internal Service Funds — Dental Insurance Fund —total net assets shall maintain a positive <br /> balance to illustrate the internal nature of recovery fees for services performed in self-insuring <br /> employees of the County. Additionally, the net assets of the fund will demonstrate adequate <br /> funding for incurred, but not reported claims. <br /> Commissioner Jacobs made reference to the last sentence on #3 on page 36 and <br /> asked if this should be "with" or"without" the review of the Board of County Commissioners <br /> and Clarence Grier said it should be "with the review of the Board of County Commissioners." <br /> He will make this change and will add the words "with the review of the Board of County <br /> Commissioners" at the end of the sentence. <br /> Commissioner Gordon said that there were some typographical errors. She also made <br /> reference to enterprise funds and suggested taking out "donated assets" so that it is not <br /> confusing to the public. <br /> Commissioner Gordon made reference to internal service funds at the top of page 37 <br /> and suggested using another word other than "illustrate." Clarence Grier said that this fund <br /> could be merged into the general fund and a lot of times it is not reported in the financial <br /> statement in a detailed nature. He said that he could change the word "illustrate" to another <br /> word. <br /> Commissioner Gordon made reference to page 36, #1 and said that it was her <br /> understanding that members of the General Assembly think that counties have considerable <br /> fund balances. She asked if there was a downside to having a robust fund balance and if it <br /> would make the County more of a target of the State. <br /> Clarence Grier said that 8% is required. He does not think that the State would cause <br /> any problems because Orange County has a 17% fund balance. The bond ratings are better <br /> with a higher fund balance. <br /> Chair Foushee said that today when the TJCOG Chairs met, it was an issue they <br /> discussed that counties are concerned about higher fund balances being a target for use by <br /> the state, She thinks the County will have to revisit this as they see what happens at the State <br /> level. <br /> 2. Planning for Future Revaluation Schedule <br />