August 2011

• Maintain a balanced budget.

• Maintain a AA bond rating.

• Fully fund our pension liability including full implementation of the state’s pension reform whereby employees pay approximately one-third of their pension costs.

• Borrow money only for capital projects and borrow under strict debt limitations.

• Maintain Reserves
– 12% undesignated fund balance
– Reserve for capital projects
– Rainy Day Reserve (for unforeseen circumstances)
– Stafford Opportunity Fund (for economic development projects)

• Report weekly to the Board on costs savings and efficiencies

• Estimate revenues very conservatively.

• Spend less than adopted budgets.

• Maintain lowest per capita expenditures among peer localities.

• Monitor expenses/revenues weekly.

• Consistently use innovative practices to run government as efficiently as possible.

• Provide monthly financial report to the community (via the Board of Supervisors’ monthly statistical report and the Finance, Audit and Budget Committee’s newsletter).