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2007 <br />® LEE COUNTY <br />#�3ao a <br />Committed Today for a Better Tomorrow <br />FINANCIAL POLICIES RESOLUTION <br />WHEREAS, stability in fiscal affairs is a desirable objective but a difficult goal for counties to attain <br />because of many factors some of which are the relationship of the various units of government, mandates, <br />the changing economies and the limited authority of local government; and <br />WHEREAS, the Board of Commissioners is of the opinion that the statement of minimum <br />standards of fiscal policy would help present and future boards and staff to adapt to the changes that occur <br />and help them to attain a reasonable measure of fiscal stability; <br />NOW, THEREFORE BE IT RESOLVED, that the Lee County Board of Commissioners does <br />hereby adopt the following financial policies: <br />Debt <br />• Debt service will not exceed 15% of general fund expenditures. In any year where the debt <br />service is less than or equal to 14% of general fund expenditures at least 1% of the <br />• operating budget will be transferred to capital reserve. This contribution will only be made <br />if available fund balance is at 15% or greater of general fund expenditures. <br />• Payout of aggregate principal outstanding shall be no less than 50% repaid within 10 <br />years. <br />• The County will strive to maintain its net bonded debt at a level not to exceed two percent <br />of the assessed valuation of taxable property within the County. <br />Fees and user charges <br />• As part of the budget process, the County shall annually review the fees and user charges. <br />All changes to the schedule of fees and charges must be approved by the Board of <br />Commissioners. <br />The County should charge other fees when it is allowable, when a limited and specific <br />group of beneficiaries can be identified, when it is feasible to charge beneficiaries for the <br />services rendered, and when there is no reason to subsidize the service wholly or in part. <br />To the extent possible, fee levels should be set to recover the full costs of the services <br />provided, unless it is deemed necessary or desirable to subsidize the service. <br />Factors to consider in deciding whether a subsidy is appropriate include the burden on <br />property tax payers, the degree to which the service benefits a particular segment of the <br />population, whether beneficiaries can pay the fee, and whether the service provides a <br />broader benefit to the community. <br />E, <br />