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11 9 LEE COUNTY co 000co (3na0110 C5 CA Committed Today for a Better Tomorrow LEE COUNTY BOARD OF COMMISSIONERS ITEM ABSTRACT ITEM NO. II. J. _ Information Meeting Date: November 14, 2011 Action Item XX Consent Agenda SUBJECT Fund Balance Review DEPARTMENT Finance CONTACT PERSON Lisa G. Minter, Assistant County Manager /Finance Director REQUEST Review Fund Balance Numbers as of June 30, 2011 SUMMARY At the Board's December 5, 2011 meeting, the County's final audit report for fiscal year ended June 30, 2011 will be presented. However, Mr. Crumpton and I thought that it would be prudent to go ahead and present to you an update on fund balance as of June 30, 2011. Attached is a draft copy of the Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the year ended June 30, 2011. This statement shows that we used $339,810 of the County's fund balance to cover expenditures in FY 2010 -11. This amount is substantially lower than the $2,425,000 that was anticipated to be used during the budget process for FY 2011 -12. Much of the difference is attributable to cost saving measures that Administration put in place the later part of the fiscal year, but we also saw revenues come in at levels higher than projected. I will review these numbers with Board in greater detail on November 14, 2011. Preliminary numbers indicate that the County finished FY 2010 -11 with a total fund balance of $15,830,996. Of that number, $10,198,767 is available for appropriation giving us an available fund balance as percentage of expenditures equal to 16.41 %. The Board's financial policies state that it will strive for a fund balance of 18% and will not allow reserves to drop below 14 %. BUDGET IMPACT N/A ATTACHMENT(S) Draft — Statement of Revenues, Expenditures, and Changes in Fund Balance — Budget and Actual — General Fund PUBLIC HEARING No PRIOR BOARD ACTION N/A RECOMMENDATION N/A — Information Only