(A) There is hereby established a Rainy Day Fund to receive transfers of unused and unencumbered funds under I.C. 36-1-8.5-1.
(B) Not more than 10% of any fiscal year’s total budget shall be transferred to the Rainy Day Fund.
(C) The Rainy Day Fund shall be subject to the same appropriation process as other funds that receive tax money.
(D) The Common Council hereby intends to utilize its decision-making power regarding fiscal affairs and set priorities for allocation and expenditure of the Rainy Day Fund as deemed necessary to best serve the residents of the city.
(E) The Common Council will transfer any funds received as a result of the county’s Economic Development Income Tax pursuant to state law to the Rainy Day Fund.
(Ord. 1512, passed 5-21-2007)
Statutory reference:
Related provisions, see I.C. 36-1-8.5-1