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Res. No. 2010 -09 Resolution Amending Resolution Number 2005 -17 Adopted by the Cabarrus County Board of Commissioners on June 14, 2005 Whereas, the Cabarrus County Board of Commissioners adopted a resolution (No. 2005 -17) to emphasize its commitment to preserve its AA bond rating by adopting certain fiscal management policies that were incorporated into the County's budget document in fiscal year 2006 primarily related to the use of fund balance; and Whereas, an economic downturn began in 2008; and Whereas, the recession has created unanticipated budgetary shortfalls; and Whereas, revisions to the "resolved items" in Resolution 2005 -17 are requested to allow greater flexibility in certain budgetary circumstances; and THEREFORE, BE IT RESOLVED that the Cabarrus County Board of Commissioners hereby amends Resolution No. 2005 -17 to replace fiscal management policies one through three as follows: 1. Recurring, operational expenses of the County government will only be funded through recurring revenue sources; 2. The County will maintain an undesignated fund balance equal to 15% of general fund expenditures; and 3. Upon the completion of the Comprehensive Annual Financial Report, any undesignated fund balance above 15% will be transferred to the Capital Reserve Fund to reduce reliance on debt financing; or to the Self- Funded Hospitalization Fund, the Self- Funded Liability Fund or the Self- Funded Workers' Compensation Fund as required to maintain the integrity of those funds. 4. Notwithstanding the requirements of items 1, 2 and 3 above, fund balance may be appropriated for any use in the general fund to overcome revenue shortfalls related to significant downturns in the economy. Adopted his the 15 day of March, 2010. y White, Sr., Chairman Board of Commissioners ATTEST: S- 'vr Ka oneyc tt, erk the Board AOYOT" number 1 F -4