Sec. 2-377. - Budget reserve account—Implementation and funding.
Sec. 2-378. - Budget reserve account—Appropriations from budget reserve account.
Secs. 2-380—2-395. - Reserved.
There is hereby created a budget reserve account within the general fund. The account is to be recorded as a separate account in the general fund balance. The purpose of the account is to provide funding in the event of adverse economic conditions or public emergency.
(Ord. No. 08-069(sub 1), § 1, 11-20-08)
Sec. 2-377. - Budget reserve account—Implementation and funding.
The budget reserve account shall be determined at the end of each fiscal year and shall be equal to ten percent of the general fund operating budget (excluding extraordinary or one-time items) as authorized by city council as required by the City Code. The amount so designated as the budget reserve account shall only be accessed for adverse economic conditions or public emergency and when declared by council by ordinance enacted by a two-thirds vote (nine) of city council, following certification by the mayor of such economic conditions or public emergency.
(Ord. No. 08-069(sub 1), § 1, 11-20-08)
Sec. 2-378. - Budget reserve account—Appropriations from budget reserve account.
The city council, may, by ordinance, adopted by a two-thirds majority (nine) of the president and all the members of the city council, appropriate funds from the budget reserve account to other annual operating budget accounts, in order to meet general operating fund expenses during the course of or at the end of any fiscal year, if funds are not available in the undesignated fund balance.
(Ord. No. 08-069(sub 1), § 1, 11-20-08)
(a)
The city treasurer shall be authorized to access the budget reserve account funds in such amounts as may be necessary in order to pay city employee payroll, city debt service, and/or city accounts payable in such amounts as become due and payable in any fiscal year. Administratively, as and if necessary, the city treasurer shall be authorized to make such payments on or before August 31 of the next fiscal year. The city treasurer shall advise the mayor and council in a written report of the actual amounts that become due and payable and that have been paid pursuant to the aforesaid authority.
(b)
The city treasurer shall fully replenish the budget reserve account funds on or before October 1 of each fiscal year. Such replenishment shall be in the full amount of the funds that the city treasurer accessed for the purposes authorized in subsection (a) of this section. The city treasurer shall advise the mayor and council in a written report of the actual amounts of the funds so used to replenish the budget reserve account.
(c)
The aforesaid authority of the city treasurer to access budget reserve funds and the requirements to replenish the budget reserve fund shall pertain to fiscal year 2012 only and the provisions of subsections (a) and (b) of this section shall be of no further force and effect as of June 30, 2012, except only as to administrative matters to be completed on or before October 1, 2012.
(Ord. No. 09-031(sub 1), § 1, 6-4-09; Ord. No. 10-003, § 1, 2-4-10; Ord. No. 12-002, § 1, 2-16-12)
Editor's note—
Ord. No. 99-031, § 1, adopted June 4, 2009, added a new § 2-378. For purposes of classification and to preserve the style of this Code, and at the editor's discretion, these provisions have been included as 2-379
FOOTNOTE(S):
(44) Editor's note— Ord. No. 08-069(sub 1), § 1, adopted Nov. 20, 2008, deleted the former Div. 2, §§ 2-376—2-385, and enacted a new Div. 2 as set out herein. Formerly, Ord. No. 98-071, § 1, adopted June 11, 1998, deleted §§ 2-376—2-379 and substituted in lieu thereof §§ 2-376—2-381. Formerly, such sections pertained to similar provisions and derived from Code 1968, §§ 30-79, 30-79.1; Ord. No. 92-053(sub 1), § 16(i)(30-78), 7-2-92; Ord. No. 93-028, § 1, 5-20-93; Ord. No. 95-032, § 1, 5-21-95; Ord. No. 96-049, § 1, 8-15-96; Ord. No. 97-094, § 1, 12-18-97; Ord. No. 97-095(sub 1), § 1, 12-18-97. However, Ord. No. 98-001, § 1, adopted Jan. 22, 1998, added a new § 2-380, therefore such section was redesignated as § 2-382. Also, Ord. No. 98-032, § 1, adopted Mar. 19, 1998, added a risk management environmental liability reserve account, § 2-381, therefore such section was redesignated as § 2-383, at the discretion of the editor. (Back)
(44) Related laws reference—Bond issues generally, § 4-26 et seq. (Back)