At the end of each fiscal year, to the extent that the General Fund balance exceeds 75% of the actual expenditures for the year, the Director of Finance will transfer 25% of the amount in excess of 75% to the Capital Improvement Tax Fund. Upon the recommendation by the City Manager, City Council may elect to transfer an amount in excess of 25%. The use of the transferred funds shall be consistent with the goals and policies of the Capital Improvement Tax Fund.
(Ord. 32-16, passed 9-12-16)