The county general operating fund - which is the largest fund and is used to account for most county operating expenditure - ended the year with an unreserved fund balance of $145.5 million.  The school board operating fund - used to account for public schools expenditure and the local transfer of revenue from the county general operating fund - ended the year with a $49.5 million fund balance.  None the money in either fund is earmarked for any future expenditure, encumbrances, liabilities, capital projects… nothing.  The money is often referred to as the “rainy day fund”.

This is quite a reserve considering the dismal economic climate of the past few years and shows that the county fiscal picture is not quite as bad as it has been painted.  The amount represents 20% of the total operating and debt service expenditures for the year.  The question taxpayers should be asking their elected officials is why isn’t some of this reserve being applied to lowering the tax rate?  According to the Board of Supervisors Fiscal Policy, the county is only required to maintain a reserve equal to 10% of the net operating revenues of the general and school fund in order to provide funding in the event of an emergency and to help maintain County’s AAA bond rating; but that leaves about $95 million extra that could be refunded to the taxpayers.