Money in the Budget Stabilization Fund may be appropriated by ordinance or resolution adopted by a two-thirds (2/3) vote of the City Council for the following purposes:
(a) To cover a General Fund deficit, when the City’s annual audit reveals a deficit;
(b) To prevent a reduction in the level of public services or in the number of employees at any time in a fiscal year when the City’s budget revenue is not being collected in an amount sufficient to cover budgeted expenses;
(c) To prevent a reduction in the level of public services or in the number of employees when in preparing the budget for the next fiscal year the City’s estimated revenue does not appear sufficient to cover estimated expenses;
(d) To cover expenses arising because of a natural disaster, including flood, fire or tornado. However, if Federal or State funds are received to offset the appropriations from the General Fund, that money shall be returned to the fund. In determining whether the City’s revenue is not sufficient to cover its expenses, a reduction in the amount of money received for the previous fiscal year, including a reduction in the allocation of State tax money shall be considered.
(Ord. 2983, passed 3-24-1986)