A. A rainy day reserve in the amount of three (3) months of working capital, as determined by the method outlined in subsection C of this section, shall not be expended or encumbered except as authorized by subsection B of this section. This reserve is to ensure the continued operations of government in case of emergency (whether caused by weather, natural disaster, or terrorism), or downswings in the economy that could cause Enid's sources of revenue to slow or cease. The reserve may be utilized for cash flow and may be retained in the General Fund.
B. Accordingly, said monies may not be expended unless a resolution is passed by the Mayor and Board of Commissioners outlining the reasons for utilizing the money. Said resolution must receive an affirmative vote of not less than five (5) members of the Mayor and Board of Commissioners.
C. Prior to the close of each fiscal year, the City Commission should determine the dollar amount that should be considered the rainy day reserve for the next fiscal year. This amount should represent three (3) months of working capital for the City of Enid. If at any time the General Fund balance drops to within one million dollars ($1,000,000.00) of the rainy day reserve, the Finance Director shall notify the Mayor and Board of Commissioners at their next regular meeting. (Ord. 2004-45, 12-21-2004)