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OPERATING AND CAPITAL BUDGET - Fayette County Government

OPERATING AND CAPITAL BUDGET - Fayette County Government

For the FY 2011 budget

For the FY 2011 budget process, the Board of Commissioners approved specific budget parameters. These parameters took into consideration current FY 2010 revenue levels that have been lower than expected. These parameters apply only to the FY 2011 budget. The parameters are listed below: Parameters: FY 2011 BUDGET PARAMETERS Approved – 3/11/2010 1. The FY 2011 Budget should be developed taking into consideration current FY 2010 revenue levels that have been lower than expected. 2. Current FY 2010 Personnel levels should be maintained. a. Current FY 2010 vacant positions to be eliminated effective July 1, 2010. b. There should be no new positions (or position upgrades) requested for FY 2011. c. There should be no promotions requested for FY 2011. d. There should be no merit-based salary increases for FY 2011. e. There should be no COLA adjustments for FY 2011. 3. There should be no new Capital projects requested for FY 2011. 4. There should be no new CIP projects requested for FY 2011. 5. The current 5-year CIP Plan should be delayed one year. 6. There should be no new or replacement vehicles or equipment requested for FY 2011. 7. Departments should keep their operating (non-personnel) budget requests for FY 2011 at the same level, or lower, than their FY 2010 approved operating budgets. 8. The FY 2011 annual balanced budget development process will consist of only one element: Operating budget. 9. Any deviations from these parameters should be presented by the departments to the County Administrator during the budget workshops. Upon recommendation, the departments would need to provide the required budget documents for processing. 10. The FY 2011 Budget development process should take place between mid-March and the third week of May of 2010. This will allow for any mid-year budget adjustments to be finalized, end-of-calendar year revenues to be received, and FY 2010 year-end figures to be more accurately projected. III - 10

II. RESERVE FUND POLICY PURPOSE The county will maintain a sufficient working capital reserve in the general and enterprise funds to help offset economic downturns, provide sufficient working capital, and provide for sufficient cash flow for current financial needs. In addition, the county will maintain an emergency fund reserve in the general fund. POLICY There shall be a consistent and uniform process for maintaining working capital and emergency fund reserves for Fayette County. PROCEDURES The county will strive to maintain a general fund working reserve from the unreserved and undesignated fund balance equal to at least three months of the total general fund appropriations budget. Also, the county will accumulate sufficient cash reserves in the enterprise funds to equal three months of operating expenses. These reserves shall be created and maintained to provide the capacity to: 1. Offset significant economic downturns and the revision of any general government activity; 2. Provide sufficient working capital; and 3. Provide a sufficient cash flow for current financial needs at all times without short-term borrowing. In addition to the working capital reserves, the county will also maintain a $2 million emergency fund reserve in the general fund. The emergency fund reserve will be used only upon approval of the Board of Commissioners. Any unreserved, undesignated fund balances for governmental funds in excess of the working capital and emergency reserve should be used only for one-time capital non-operating expenditures as appropriated by the Board of Commissioners. The county will also maintain reserves in compliance with all debt service requirements to maintain bond ratings and the marketability of bonds. The county will develop capital reserves to provide for normal replacement of existing capital plant and additional capital improvements financed on a pay-as-you-go basis. III. INVESTMENT POLICY PURPOSE The purpose of this policy is to provide guidelines for the investment of funds that are not needed immediately to pay current obligations. This policy will be used so that funds not needed for immediate cash will be invested in a way that (1) safeguards the principal, (2) provides the liquidity required to meet financial obligations III - 11

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