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WHEREAS, each member of the Cabarrus County Board of Commissioners sees the importance <br />of fiscal responsibility in the protection of our AA bond rating. <br />THEREFORE. BE IT RESOLVED that the Cabarrus County Board of Commissioners wishes to <br />emphasize its commitment to preserve the AA bond rating by adopting the #ollowing additional fiscal <br />management policies, that will be incorporated into the County's budget document beginning with the <br />2006 fiscal year: <br />1. Recurring, operational expenses of the county government will only be funded through <br />recurring revenue sources; <br />2. The County will maintain an undesignated fund balance equal to 15% of general fund <br />expenditures; and <br />3. Upon the completion of the annual audit of the County finances, any undesignated fund balance <br />above 15% will be transferred to the capital reserve fund, where it will be used to reduce reliance <br />on debt financing for capital protects, thereby saving taxpayers' money by reducing interest <br />payments on financing instruments. <br />Adopted this the ~ 4' day of June, 2005. <br />Carolyn B. Car ent r, Chairman <br />Board of Commissioners <br />ATTEST: <br />i ~./ <br />Frankie F. Bonds, Clerk to the Board <br />G-3 <br />Attachment number 1 <br />Page 93 <br />