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0 0 <br />uo 19 nu 'A"97 <br />The board discussed FY 2003-04 budget matters. County Manager William <br />Cowan and Finance Director Lisa Minter discussed updated financial data and requested <br />budgets from various departments. Mr. Cowan asked that the board schedule a budget <br />work session to meet with various departments to determine the priorities for the <br />upcoming budget. After some discussion, the board agreed to hold a budget work session <br />from 7:30 to 9:00 a.m. on Monday, May 5, 2003, and to continue the work session <br />following the regular meeting. <br />Mr. Cowan and Mrs. Minter discussed with the board a Fund Balance Policy <br />Resolution that would allow the board to keep available funds of at least 16.67% in the <br />General Fund budget at the end of each fiscal year. After some discussion, <br />Commissioner Lemmond moved to approve the following resolution: <br />WHEREAS, to provide sufficient funds for the continuous operation of <br />County activities is in the best interest of the public; and <br />WHEREAS, it is the responsibility of the Finance Director, who is <br />appointed by and serves at the pleasure of the County Manager, to maintain financial <br />reserves sufficient for continuous operation of County services; and <br />WHEREAS, the North Carolina Local Government Commission has <br />established a minimum expected fund balance of 8 percent of the General Fund budget at <br />the end of each fiscal year; and <br />WHEREAS, it is the desire of the Board of Commissioners to formalize <br />the fund balance policy of the County. <br />NOW, THEREFORE, BE IT RESOLVED BY THE LEE COUNTY <br />BOARD OF COMMISSIONERS THAT: <br />The Board of Commissioners hereby charges the Finance Director to maintain <br />available fund balance in the General Fund in an amount no less than 8 percent <br />(or one month) of the General Fund budget at the end of each fiscal year. <br />Further, the Board of Commissioners hereby formally establishes the goal to <br />maintain available fiaid balance in the General Fund in an amount of 16.67 <br />percent (or two months) of the General Fund budget at the end of each fiscal year. <br />The independent auditor for the County shall monitor the County's compliance <br />with this established Fund Balance Policy. The auditor shall report related <br />findings and recommendations annually as a part of the County audit. <br />Upon a vote, the results were as follows: <br />Aye: Adams, Hincks, Lemmond, Matthews, Paschal, Reives, and Stevens <br />Nay: None <br />3 <br />