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RESERVE POLICY: <br />As provided in Session Law 1989-658, Section 2(c), "At the end of each fiscal year, any <br />funds of the Authority not expended, obligated, or reserved, as approved by the County, <br />shall be remitted to Cabarrus County for its use." <br />For purposes of avoiding cash-flow interruptions, to generate interest income and to <br />sustain operations during unanticipated emergencies, a reserve equal to a minimum of <br />17% of annual operating expenditures is recommended. Funds in reserve will only be <br />used for those stated purposes. <br />The Tourism Authority may request approval from the Board of Commissioners to use <br />fund balance in excess of the 17% reserve for any purpose consistent with those found in <br />SL 1989-658 Section 1(e), specifically "to develop or promote tourism, tourist-related <br />support services and facilities, tourist-related events, tourist-related activities, or tourist <br />attractions." <br />r ~' <br />