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<br /> <br /> <br /> <br /> target level of 15%. Until such time that the General Fund Unassigned Reserve meets the minimum phased <br /> requirements as outlined above, the following budgetary and operational guidelines shall be used as a basis to <br /> achieve the various minimum requirements. <br /> <br /> Budget consideration of new programs, personnel, or capital related expenditures shall only be <br /> considered if a source of funding is identified either through a corresponding cost reduction, an identified <br /> general increase in general tax revenue, or a one-time revenue infusion. Source of funding should include <br /> consideration of ongoing general maintenance and operational costs. <br /> <br /> Departments will be encouraged to continually achieve savings through internal organizational <br /> efficiencies. <br /> <br /> - Technology will be encouraged if it can be demonstrated that a one-time capital infusion can result in <br /> savings being generated beyond two years. <br /> - Any General Fund savings generated at the fiscal year end can be considered either for term specific <br /> operational or capital needs but a minimum of 50% (up to 100%) of the savings shall be deposited into the <br /> unassigned reserve balance until such time that the phased reserve levels are met. <br /> <br /> - Any internal service fund that has funds in excess of the identified minimum reserve requirement as <br /> outlined in this policy, can be utilized as a means to meet the minimum General Fund Reserve <br /> requirements. Only unrestricted funds deemed transferable can be utilized. Any transfer to the General <br /> Fund Unassigned Reserve Balance will be submitted to Council for consideration and approval. <br /> <br /> - In order to generate additional savings and until such time that the minimum level of reserves has been <br /> achieved, the Budget Office will only utilize a fiscally conservative profile for revenue projections. <br /> <br /> - If the phased reserve target requirements as outlined above have not been met it is recommended that <br /> beginning in FY 14-15 a more conservative projection factor be used to generate forced budgetary <br /> savings: <br /> <br /> (NOTE: Each 1% equates to approximately $ 2 million) <br /> FY 12-13: 100 % of recurring revenue projected; <br /> FY 13-14: 100 % of recurring revenue projected; <br /> FY 14-15: 99 % of recurring revenue projected; <br /> Such factors shall be used to generate General Fund savings until such time that a 7%-8% unassigned <br /> General Fund reserve has been achieved. <br /> <br /> Any generated General Fund savings achieved after reaching between a 7%-8% undesignated General <br /> Fund reserve shall be applied in the following order: <br /> <br /> Up to a max of 25% -Unassigned General Fund Reserve <br /> Up to a max of 25% -Economic Uncertainty Reserve <br /> Up to a max of 50% -Can be applied to term specific programs, projects, personnel as well as deferred <br /> capital maintenance. <br /> <br /> <br /> <br /> <br /> <br /> Budget & Financial Polices 75B_1 0 Page 3 <br />