FY 23 Approved Budget Book

COUNTY BUDGET POLICIES AND PROCESS

6. All efforts must be made to improve the productivity of the County’s programs and its employees. The County’s productivity analysis process is a dynamic part of the administration. 7. Continuing effort must be made to reduce duplicative functions within the County government and the autonomous agencies,

particularly those which receive appropriations from the General Fund. 8. The County’s debt ratios shall be maintained at the following levels:

a. Net Bonded Debt is to be maintained at a level no more than 2.3% of the full case value of assessable property in the County. b. Bonded debt and its resulting debt service are to be kept at a level not higher than 10% of the General Fund Budget. 9. Self liquidating bonds will only be issued after a careful analysis is performed to ensure that revenue sources are properly in place in order to protect the fiscal soundness of the County. 10. The County has, and will continue to maintain a high standard of accounting practices in conformance with Generally Accepted Accounting Principles (GAAP) through the following practices: a. The accounting system will maintain records on a basis consistent with accepted standards for local government accounting (according to GASB, NCGA, AICPA and FASB). b. Regular monthly financial reports and annual financial statements will present a summary of financial activity by governmental funds and all funds respectively. c. An independent firm of certified public accountants will perform an annual financial and compliance audit, and will publicly issue an opinion which will be incorporated into the Comprehensive Annual Financial Report. d. Annually, the county will seek the Government Finance Officers Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting and the Distinguished Budget Presentation Award. e. The County will regularly report to the National Federation of Municipal Analysts on the activities occurring in the County. f. Interim Financial Statements will be prepared as of December 31 st of each year and furnished to the Electronic Municipal Market Access System (EMMA) and to the rating agencies. Debt Management Debt burden is a measurement of the relationship between the debt of the County and its property tax base and population. The most general measure of wealth in the community is the assessed value of all taxable property. Additionally, debt can be compared with population to determine a level of per capital debt burden. The County makes this comparison each time it offers bonds for sale. These comparisons are included in the official statements that are distributed to prospective investors. Cash Management Cash Management achieves the most productive use of cash, minimizes operating costs, and provides maximum flexibility. To do this, the County must:

a. pool cash from the different funds for investment purposes; b. invest 100% of its idle cash on a continuous basis;

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