FARMINGTON — Davis County approved a plan to increase its surplus funds after the bond-rating agency Moody's asked the county to develop and implement a formal plan.
County Clerk/Auditor Steve Rawlings presented a resolution last week that establishes a goal of having a reserve in the general fund of 10 percent of the total revenues of the general fund by Dec. 31, 2004. By Dec. 31, 2010, the goal is to have 15 percent of the total general fund in reserve.
The three commissioners approved the resolution, which is effective immediately.
Rawlings said the county needs to get its reserve level increased so its cost of bonding will be lowered. He expects the county to have close to 10 percent — about $3.6 million — by the end of the year.
Within the next two years, Davis County may ask taxpayers to approve the sale of bonds for $15 million or more to fund a jail expansion.