Cities may accumulate earned surplus in any utility or enterprise fund, or unappropriated surplus in any other fund, except that with respect to the General Fund, its use shall be restricted to the following purposes:
A. Finance Of Expenditures: To provide cash with which to finance expenditures from the beginning of the budget year until general property taxes, sales taxes or other revenues applicable thereto are collected, thereby reducing the amount which the City must borrow during such period;
B. Emergency Expenditures: To provide a fund or reserve out of which to meet emergency expenditures; and
C. Deficit Coverage: To cover unanticipated deficits in future budget years. The accumulation of surplus in the General Fund shall not include amounts which must be allocated to the estimated revenue of the budget year pursuant to the provisions of Section 2-2-5 of this Chapter. (1966 Code § 2-1-2)