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Agenda - 06-16-2016 - 1.1 - Attachment to Item 1 - Fund Balance Management Policy-Approved April 5, 2011
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Agenda - 06-16-2016 - 1.1 - Attachment to Item 1 - Fund Balance Management Policy-Approved April 5, 2011
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6/15/2016 8:55:06 AM
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BOCC
Date
6/16/2016
Meeting Type
Budget Sessions
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Agenda
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Attachment 1
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Agenda - 06-16-2016 - 1 - Discussion of Appropriate Level of GF Reserves
(Attachment)
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\Board of County Commissioners\BOCC Agendas\2010's\2016\Agenda - 06-16-2016 - Budget Work Session
Minutes 06-16-2016
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\Board of County Commissioners\Minutes - Approved\2010's\2016
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ATTACHMENT 1 <br /> April 5, 2011 <br /> ORANGE COUNTY BOARD OF COMMISSIONERS <br /> FUND BALANCE MANAGEMENT POLICY <br /> The Fund Balance Management Policy is intended to address the needs of Orange County <br /> (County), in the event of unanticipated and unavoidable occurrences which could adversely <br /> affect the financial condition of the County and thereby jeopardize the continuation of <br /> necessary public services. This policy will ensure the County maintains adequate fund <br /> balance and reserves in the County's Governmental Funds to provide the capacity to: <br /> 1. Provide sufficient cash flow for daily financial needs, <br /> 2. Secure and maintain investment grade bond ratings, <br /> 3. Offset significant economic downturns or revenue shortfalls, and <br /> 4. Provide funds for unforeseen expenditures related to emergencies. <br /> Fund Balance for the County's Governmental Funds will be comprised of the following <br /> categories: <br /> 1. Nonspendable - amounts that cannot be spent because they are either (a) not in <br /> spendable form or (b) legally or contractually required to be maintained intact. <br /> 2. Restricted — amounts externally imposed by creditors (debt covenants), grantors, <br /> contributors, laws, or regulations of other governments. <br /> 3. Committed — amounts used for a specific purpose pursuant to constraints imposed by <br /> formal action of the government's highest level of decision-making authority. <br /> a. Amounts set aside based on self-imposed limitations established and set in place <br /> prior to year-end, but can be calculated after year end. <br /> b. Limitation imposed at highest level and requires same action to remove or modify <br /> c. Ordinances that lapse at year-end <br /> 4. Assigned - amounts that are constrained by the government's intent to be used for <br /> specific purposes, but are neither restricted nor committed. <br /> 5. Unassigned — amounts that are not reported in any other classification. <br /> The General Fund will be the only fund that will have an unassigned fund balance. The <br /> Special Revenue Funds and Capital Project funds will consist of only nonspendable, <br /> restricted, committed and assigned categories of fund balance. <br /> Unassigned Fund Balance — General Fund <br /> Orange County has adopted a fiscal policy that provides for capital projects to be financed with <br /> debt and pay-as-you-go funding. In order to obtain the best possible financing, the County has <br /> adopted policies designed to maintain bond ratings at or better than AAA (Fitch), Aa2 (Moody's <br /> Investor Services) and AA+ (Standard & Poor's). Part of the County's fiscal health is <br /> maintaining a fund balance position that rating agencies feel is adequate to meet the County's <br /> needs and challenges. <br />
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