(a) Creation and description. There is hereby created a revenue reserve account known as the Revenue Reserve Fund. The Revenue Reserve Fund is a continuing, non-lapsing account in which funds are retained to support appropriations if estimated general fund revenues decline below current expense budget appropriations during a fiscal year.
(b) Appropriation. The budget as proposed by the County Executive and approved by the County Council may contain an appropriation to fund the Revenue Reserve Fund except that the amount of the annual appropriation to the Revenue Reserve Fund may not cause the sum of the balance of the Revenue Reserve Fund plus the appropriation to exceed an amount equal to 8% of the estimated General Fund revenues for the upcoming fiscal year.
(c) Interest earnings. Interest earnings of the fund shall be retained to the credit of the fund except that the Controller may credit interest earnings of the Revenue Reserve Fund to the General Fund if credited interest earnings cause the total amount of the fund to exceed an amount equal to 8% of the estimated General Fund revenues for the upcoming fiscal year.
(d) Transfer to general fund. During the course of a fiscal year, the County Executive, with the approval of the County Council by ordinance, may authorize a transfer from the Revenue Reserve Fund to general fund revenues in the current expense budget to fund existing appropriations if the County Executive determines that revenues for the current fiscal year will be below the estimated revenues relied on to fund the current expense budget and all reasonable reductions in expenditures have been made and will not be sufficient to offset the anticipated shortfall.
(e) County Council procedure. In acting on a bill to transfer funds from the Revenue Reserve Fund, the County Council shall proceed as it does upon requests for transfers of appropriations under § 711 of the Charter.
(1985 Code, Art. 6, § 8-107) (Bill No. 45-92; Bill No. 25-98; Bill No. 17-00; Bill No. 58-02; Bill No. 70-15; Bill No. 25-21; Bill No. 50-22; Bill No. 41-23)
State Code reference – Local Government Article, § 16-107.