Measure

FY15 Year Ending Reserves Policy Calculations

Description:  Sarasota County maintains several different funds that require a minimum balance based on county policy.  By retaining a minimum balance, the county protects its financial outlook and provides for fiscal sustainability in challenging economic times.  The county consistently meets all or nearly all of its reserve balance requirements on a yearly basis.  This information is calculated by the Sarasota County Clerk’s Office and is available as part of the comprehensive annual financial report which is typically published in the Spring.

Link to the county’s complete Reserve Policy.

Adherence to Reserve Balances

         

 Minimum Dollar Amount Number of Days by Policy Reserve Policy Met
GENERAL FUND
Contingency/Emergency/Disaster Relief Reserve (Fund 001) $44,977,192 75
Budget Stabilization & Economic Uncertainty Fund (Fund 001)* $10,163,936 17
PLANNING AND DEVELOPMENT SERVICES
Maintain a Reserve of Operating Expenditures (Fund 102) $1,078,854 60
Budget Stabilization and Economic Uncertainty Reserve (Fund 102) $1,078,854 60
EMERGENCY SERVICES
Maintain a Reserve of Operating Expenditures (Fund 130) $5,871,835 60
Budget Stabilization and Economic Uncertainty Reserve (Fund 130) $5,871,835 60
Maintain a Reserve of Operating Expenditures (Fund 153) $6,550,231 60
Budget Stabilization and Economic Uncertainty Reserve (Fund 153) $6,550,231 60
UTILITY SYSTEM
Maintain a Reserve of Operating Expenditures (Fund 402) $15,039,316 90
SOLID WASTE
Maintain a Reserve of Operating Expenditures (Fund 420 & 423) $6,176,193 90
Debris Removal of $20M to $40M (Fund 420 & 423) $25,000,000 –
STORMWATER
Maintain a Reserve of Operating Expenditures (Fund 440) $3,487,084 90
AUTOMOTIVE RESOURCES
Equal to the Estimated Replacement Cost of Assets to be Funded from User Departments over the Expected Useful Life of the Asset
(Note: Equivalent to one year’s annual depreciation expense) (Fund 503)		 $6,615,717 –
INFORMATION TECHNOLOGY
Equal to the Estimated Replacement Cost of Assets to be Funded from User Departments over the Expected Useful Life of the Asset
(Note: Equivalent to one year’s annual depreciation expense) (Fund 510)		 $1,350,414 –
RISK MANAGEMENT
Equal to 80% Discounted Confidence Level of the Annual Actuarial Study to Ensure Financial Viability (Fund 505) $393,143 –
MEDICAL BENEFITS
Maintain a Reserve in Accordance with the Annual Actuarial Analysis to Ensure Financial Viability (Fund 506) $6,575,598 –
WORKERS COMPENSATION
Maintain a Reserve Equal to the 80% Discounted Confidence Level of the Annual Actuarial Study to Ensure Economic Viability (Fund 507) $2,050,913 –

* The General Fund Budget Stabilization & Economic Uncertainty Fund does not include the $8M allocated by the BOCC from reducing the 90 days to 75 days within the Contingency/Emergency/Disaster Relief Reserve.  If the $8M were available and applied to the Budget Stabilization & Economic Uncertainty Fund we would have met the minimum 30 day requirement with 30 days (just over $17M).