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Finance staff flags 2.5% asset‑maintenance reserve requirement tied to audited property value
Summary
Finance staff advised supervisors that under the county's asset maintenance replacement policy, beginning the fourth budget year after adoption the county should set aside 2.5% of net book value of depreciable real property into an assigned reserve; that amount would be about $867,017 based on FY24 audit figures.
Madison County finance staff told the Board of Supervisors that the county’s Asset Maintenance Replacement Policy will require setting aside an assigned reserve equal to 2.5% of the net book value of depreciable county property beginning in the fourth budget year after the policy’s adoption.
The point matters because setting aside that 2.5% reserve will reduce the county’s unassigned fund balance available for operating uses and could influence how much the board relies on pay‑as‑you‑go funding versus debt financing.
Miss Warren (finance staff) explained the policy language adopted in April 2021 and showed…
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