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Fiscal Policies <br />43. An annual audit will be performed by an <br />independent public accounting firm with the <br />subsequent issue of an official annual <br />financial statement. <br />44. Full disclosure will be provided in the annual <br />financial statements and bond <br />representations. <br />Fund Balance Policies <br />(Resolution No. 42, Series 1996) <br />45. General Fund — The minimum unreserved, <br />undesignated fund balance of the General <br />Fund shall be calculated annually at 15% of <br />the then current operating budget. <br />10 <br />46. Water and Sewer Utility Funds, Operating <br />and Maintenance Reserve — The minimum <br />unrestricted cash balances of the Water and <br />Sewer Utility Funds for operating and <br />maintenance shall be calculated annually <br />based on that year's budget and equivalent <br />to 15% of the then current operating and <br />maintenance budget. <br />47. Water and Sewer Utility Funds, Capital <br />Reserve — The minimum unrestricted cash <br />balances of the Water and Sewer Utility <br />Funds for capital shall be calculated <br />annually based on that year's estimated <br />depreciation and shall include the equivalent <br />of the current annual depreciation expenses. <br />