Page 8 - NovDefComp
P. 8
HUMAN RESOURCES DEPARTMENT
Inter-Departmental Correspondence
DATE: August 27, 2020
TO: Deferred Compensation Advisory Committee
FROM: Jay Castellano, Employee Benefits
SUBJECT: BUDGETED FUND BALANCE & RESERVE POLICY
RECOMMENDATION
Approve the attached Budgeted Fund Balance & Reserve Policy as amended.
DISCUSSION
The Budgeted Fund Balance & Reserve Policy must be reviewed and approved annually as part
of the Deferred Compensation Advisory Committee’s annual budget process.
For the 2020-21, the policy is recommended for approval with minor text changes intended to
do the following:
• Emphasize that fund assets 1) belong to plan participants and 2) cannot be transferred to
any other County fund.
• Clarify the definition of Unrestricted Fund Balance.
With these edits, the 2020-21 policy is recommended for approval.
