(A) General Fund. Upon determining the minimum 35% General Fund cash balance reserve, the difference between the budgeted and actuarial Police Pension contribution amount shall be paid, then 50% excess (surplus) shall be transferred to the Capital Projects Fund and shall be either utilized for budgeted capital projects or restricted for capital projects identified within the village's capital improvement plan. These transfers shall be made as available, recommended by the Village Administrator based upon current needs, and approved by ordinance.
(B) Water and Sewer Fund. Upon determining the minimum 35% Water and Sewer Fund cash balance reserve, any excess (surplus) shall be either utilized for budgeted capital projects within the Water and Sewer Fund or restricted for Water and Sewer capital projects identified within the village's capital improvement plan, as recommended by the Village Administrator and approved by ordinance.
(Ord. 21-13, passed 4-19-2021; Am. Ord. 23-15, passed 3-20-2023)