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Relevant Financial Policies <br />In accordance with state statutes,appropriated fund balance in any fund will not exceed the sum of cash and investments minus the sum of liabilities, <br />encumbrances,and deferred revenues arising from cash receipts.The County maintains an undesignated fund balance of 15 percent (15%)to meet cash <br />flow needs,which exceeds the eight percent (8%) recommended by the North Carolina local Government Commission (LGC). <br />Board policy permits the use of fund balance to avoid cash-flow interruptions,generate interest income,and assist in maintaining an investment-grade bond <br />rating.The County does not use fund balance for recurring,operational expenses unless required to overcome revenue shortfalls related to significant <br />downturns in the economy.Additional assigned fund balance totaling $5,000,000 is set aside to sustain operations during unanticipated emergencies and <br />disasters. <br />Upon the completion of the annual audit of the County finances,any undesignated fund balance above 15%transfers to the Community Investment Fund <br />(CIF)and/or Capital Reserve Fund,to reduce reliance on debt financing;or to the S elf-Funded Hospitalization Fund,the S elf-Funded Liability Fund or the <br />S elf-Funded Workers'Compensat ion Fund as required to maintain the integrity of those funds. <br />If unassigned fund balance at the end of the current fiscal year is less than the approved fund balance level,the County must replenish the deficiency within <br />three fiscal years. <br />Major initiatives <br />The county made progress on numerous init iat ives over the past year including: <br />•The 2021 Cabarrus County Community S urvey found resident s have a posit ive perception of the county,wit h 92%saying they are satisfied wit h <br />Cabarrus as place to raise children and 87%reporting they are sat isf ied with the overall quality of lif e. <br />•Cont inued construction of the County's new courthouse that will transf orm downtown Concord. <br />•The County's response to the COV ID-19 pandemic cont inued throughout the year.The County provided transportat ion and meal delivery to individuals <br />in shelter due to COV I D-19 quarant ine/isolat ion,as well as to COV ID-19 vaccinat ion sites;over $1 million in heating and cooling assistance to eligible <br />households;and through the Cabarrus Healt h A lliance investigated more than 19,000 COV ID-19 cases. <br />•The Midland Library branch expanded service hours in January of 2021 to allow an extra day of service,and extended hours during weekday operat ion. <br />•The Detent ion Center added courses to the inmate programs list to help give lif e skills and coaching to those inmates that will event ually be discharged <br />back out into society.The mission of the programs is to reduce the recidivism rate wit hin the facility thus reducing the tax burden placed upon the <br />taxpayer for the operation of the facility. <br />•Increased ut ilization of E -recording by pat rons to 80%of all land records recorded in the 2020 calendar year.E -recording is the process of accepting <br />presentation of land records for recordation online as well as receiving all recording fees and excise taxes associated therewith electronically. <br />4