(a) There is hereby created a General Capital Improvement Reserve Fund to fund capital expenditures for fixed assets and infrastructure within the governmental funds of the City of Chardon.
(b) The Finance Director is hereby authorized and shall deposit into such General Capital Improvement Reserve Fund an amount equal to three percent (3%) of the monthly gross income tax revenue, all governmental fund revenue associated with capital expenditures, transfers as authorized by Council, any surplus of excess operating revenues over expenditures within the General Fund and such other funds from time to time as may be designated by Council. (Ord. 2716. Passed 3-8-12.)
(c) This fund shall continue as long as necessary to meet the fixed asset and infrastructure needs within the governmental funds of the City. The need for the General Capital Improvement Reserve Fund shall be evaluated annually in the five-year capital improvement plan, which shall include projections of revenues, expenditures and ending balances in the General Capital Improvement Reserve Fund. (Ord. 3111. Passed 2-13-20.)