(A) At the time of budget preparation, the annual appropriations shall be adjusted to ensure that the estimated year-end General Fund balance is no less than 50% of the budgeted General Fund expenditures.
(B) Throughout any fiscal year, the General Fund balance may be used to fund the cost of capital improvements in which the ultimate funding source will be a grant or the issuance of notes or long term bonds. In this instance, the General Fund balance may temporarily fall below the minimum funding level in anticipation of a future financing. If the funds are to be reimbursed through notes or bonds, the administration will work with appropriate legal and financial advisors to assure that the funds that are to be expended are eligible to be reimbursed through such financings prior to any expenditures.
(Ord. 32-16, passed 9-12-16)