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Fiscal Policies <br />43. An annual audit will be performed by an 46. Water and Sewer Utility Funds, Operating <br />independent public accounting firm with the and Maintenance Reserve – The minimum <br />subsequent issue of an official annual unrestricted cash balances of the Water and <br />financial statement. Sewer Utility Funds for operating and <br />maintenance shall be calculated annually <br />44. Full disclosure will be provided in the annual based on that year’s budget and equivalent <br />financial statements and bond to 15% of the then current operating and <br />representations. maintenance budget. <br />47. Water and Sewer Utility Funds, Capital <br />Fund Balance Policies <br />Reserve – The minimum unrestricted cash <br />(Resolution No. 42, Series 1996) <br />balances of the Water and Sewer Utility <br />Funds for capital shall be calculated <br />45. General Fund – The minimum unreserved, <br />annually based on that year’s estimated <br />undesignated fund balance of the General <br />depreciation and shall include the equivalent <br />Fund shall be calculated annually at 15% of <br />of the current annual depreciation expenses. <br />the then current operating budget. <br />9 <br />