Subject:
Title
Resolution establishing the Pinellas County General Fund Reserve Policy at a minimum of 20.8% of recurring revenues.
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Recommended Action:
Recommended Action
Adopt the attached resolution establishing the Pinellas County General Fund Reserve Policy.
• The policy is to maintain a minimum level of designated reserves in the General Fund of 20.8%, equivalent to two and one-half months, of recurring revenues.
• This policy by itself has no fiscal impact on Pinellas County.
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Strategic Plan:
5.2 Be responsible stewards of the public’s resources
Summary:
Summary
The Pinellas County General Fund Reserve Policy establishes a target minimum level of designated reserves in the General Fund of 20.8%, equivalent to two and one-half months, of recurring revenues, to:
Manage the risk of financial impacts resulting from natural disasters or other catastrophic events; respond to the challenges of a changing economic environment, including prolonged downturns in the local, state, or national economy; demonstrate continued prudent fiscal management and creditworthiness; and provide funding stability for core services and infrastructure funded through the General Fund.
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Background Information:
During the April 20, 2023 Board of County Commissioners Work Session, Pinellas County Clerk of the Circuit Court and Comptroller Ken Burke and Office of Management & Budget Director Chris Rose made a presentation to the Board on the FY23 reserves and fund balance. At that time, the County Administrator made a recommendation to set the General Fund Reserve at a minimum level of 20.8% of recurring revenues.
Fiscal Impact:
N/A
Staff Member Responsible:
Chris Rose, Director - Office of Management & Budget
Partners:
N/A
Attachments:
Resolution - General Fund Reserve Policy