(a) The Budget Stabilization Account shall be used to accumulate resources against increases in expenditures or decreases in revenues in the General Fund. Such changes may include additional payroll expenses due to an extra pay period within the fiscal year or substantial losses to the City’s tax base.
(b) The Director of Finance shall set aside for the Budget Stabilization Account no more than five percent (5%) of the revenues credited to the General Fund in the preceding fiscal year.
(c) At any time, Council, by resolution or ordinance, may eliminate or reduce the Budget Stabilization Account, and any funds remaining will become a part of the General Fund unencumbered balance.
(d) In the event the City can no longer make payments out of the General Fund, the Director of Finance shall make payments from Budget Stabilization Account.
(Ord. 134-2015. Passed 12-21-15.)