title
Commissioner Hovis - Financial and Management Services - Finance - To Appropriate General Fund, Unassigned Fund Balance and Transfer it to the Community Investment Fund per Financial Policies ($11,950,047.00)
body
STAFF CONTACT
Kyle Sutherland - Finance - 704-866-3130
BUDGET IMPACT
budget
General Fund: Increase Fund Balance Appropriated and Transfers Out by $11,950,047.00
Community Investment Fund: Increase Transfers in and Future Capital Expenditures by $11,950,047.00
body
BACKGROUND
Gaston County Financial Policies were approved by Resolution 2022-052 on 2/22/2022. The policy states:
General Fund Balance will be measured as the value of Unassigned Fund Balance presented in the latest audited financial statements and will be measured and treated in conformance with the following:
• Total of 15-20% of the revenues of the General Fund for the audited fiscal year
• If FB exceeds 20% in a fiscal year the amount over 20% will be moved to the Community Investment Fund for capital uses or another one time use as adopted by the County Commission by budget amendment.
For fiscal year ended 6/30/2025, 20% of General Fund Revenue was $70,553,675.00. Unassigned fund balance accounted for 23.39%, $82,503,722.00, of General Fund Revenues. The difference, 11,950,047.00, will be transferred to the Community Investment Fund upon approval of this Board Action.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)