[HISTORY: Adopted by the Board of Supervisors of Green Lake County 10-18-1988 by Ord. No. 374-88; amended in its entirety 12-20-2011 by Ord. No. 1009-2011. Subsequent amendments noted where applicable.]
In February 2009, the Governmental Accounting Standards Board (GASB) issued GASB No. 54 Fund Balance Reporting and Governmental Fund Type Definitions; and
Green Lake County strives to provide a stable financial environment for the County's operations that allows Green Lake County to provide quality services to its residents in a fiscally responsible manner designed to keep services and taxes as consistent as possible over time; and
GASB No. 54 requires Green Lake County to classify governmental fund balances, establish minimum fund balance levels that will be retained, delegate authority to assign fund balances, and establish conditions for spending any stabilization arrangements by December 31, 2011; and
The County Board of Green Lake County approves the following funds:
Non-Spendable Fund Balance to include prepaid items and delinquent property tax account.
Restricted Fund Balance to include other monies with legal restrictions stipulated by outside parties (i.e., debt retirement), state statutes, or grant requirements placed on the use for specific purposes, and sales tax.
Committed Fund Balance to include all accounts to be established by resolution with amounts to be determined by the Finance Committee in the following fiscal year.
Assigned Fund Balance to include monies designated for a specific purpose as determined by the Finance Committee.
The policy of Green Lake County guiding the order of fund balance spend-down shall be as follows: 1) restricted, 2) committed, 3) assigned. This order will be used for purposes of reporting fund balance.
[Amended 11-10-2015 by Ord. No. 1128-2015; 4-18-2017 by Ord. No. 7-2017]
At fiscal year-end, Green Lake County will maintain a minimum unassigned general fund reserve balance of not less than 20% of the actual current year general fund expenditures, excluding refundable prepayments and GAAP-defined non-spendable, restricted, committed and assigned (designated) account balances.
At fiscal year-end, Green Lake County will maintain a minimum unassigned Health and Human Services (HHS) fund reserve balance of not less than 15% of the actual current year HHS fund expenditures excluding refundable prepayments and GAAP-defined non-spendable, restricted, committed and assigned (designated) account balances.
In addition, in order to maximize County operations subsidized by tax levy, the annual Contingency Fund balance shall be designated as nonlapsing with the following exception provision: If on December 31 of any given fiscal year, the General Fund reserve balance shall fall below the General Fund Policy amount as established herein, the December 31 Contingency Fund balance shall lapse to the General Fund, in its entirety or in an amount as determined by the Finance Committee, sufficient to bring the General Fund reserve balance into compliance with this policy.