(a) There is hereby created a General Operating Reserve Fund to establish a reserve balance to help protect against the historic volatility of revenue and expenditures throughout economic cycles.
(b) The Finance Director is hereby authorized and shall deposit into such General Operating Reserve Fund an amount equal to six percent (6%) of the monthly gross income tax revenue until minimum funding is established.
(c) The Fund shall maintain a minimum balance equal to operating revenues of three months. (Ord. 2715. Passed 3-8-12.)