AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date:

Raymond E. Graham, Supervisor, Cedar Run District

July 21, 2003

Staff Lead:

Department:

Janice Bourne, Finance Director

Finance

Topic:

A Resolution to Adopt a Policy Establishing the Minimum Level of Undesignated, Unreserved Fund Balance and Contingency Reserve for the County’s General Fund

Topic Description:

At the request of the Board of Supervisors, the Finance Director, in coordination with other County staff, developed a recommendation for fund balance requirements.  This policy is part of a program of sound financial management, and will contribute to financial stability and responsibility.  This recommendation has been formalized in the attached policy, and reviewed by staff; representatives of the County's audit firm, Robinson, Farmer & Cox, and the County's financial advisor, BB&T; and the County's Finance Committee.

Requested Action of the Board of Supervisors:

Consider adoption of the attached resolution.

Financial Impacts Analysis:

The policy as presented is achievable with the current available fund balance.

Identify any other Departments, Organizations or Individuals that would be affected by this request:

Fauquier County Administration

Fauquier County Treasurer's Office

Fauquier County Budget Office