§ 18-31 APPROPRIATION FOR FUND.

   Each fiscal year the City Council may appropriate all or part of a surplus in the General Fund resulting from an excess of revenue in comparison to the General Fund expenses, to the fund.

(Ord. 2983, passed 3-24-1986)

§ 18-32 LIMITATION ON AMOUNT OF MONEY IN FUND.

   (a)   The amount of money in the fund shall not exceed either fifteen percent (15%) of the City’s most recent General Fund budget, as originally adopted, or fifteen percent (15%) of the average of the City’s most recent General Fund budgets, as amended, whichever is less.

   (b)   The money in the fund shall be invested as provided by law with the earnings of the fund to be returned to the City’s General Fund.

   (c)   If the money in the fund exceeds that permitted in subsection (a), the excess shall be appropriated in the City’s next General Fund budget, but shall not be appropriated to the fund.

(Ord. 2983, passed 3-24-1986)

§ 18-33 PURPOSE FOR WHICH FUND MAY BE USED.

   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)

§ 18-34 PURPOSES FOR WHICH FUND MAY NOT BE USED.

   Money in the Budget Stabilization Fund shall not be appropriated for the acquisition, construction or alteration of a facility as part of a General Capital Improvement Program.

(Ord. 2983, passed 3-24-1986)

§§ 18-35 – 18-39 RESERVED.

ARTICLE IX. AGENCIES CREATED BY COUNCIL RECEIVING FUNDS FROM CITY

§ 18-40 NOTIFICATION OF COUNCIL ON EXPENDITURE OVER $2,000.00.

   All agencies and/or bodies which are, pursuant to State statute, created by action of the City Council and receive funds from or through the City of Flint, must include in their lawfully adopted bylaws or rules and regulations governing their operations provisions for the notification of the Flint City Council on each occasion that checks, drafts or orders for payment of money, notes or other evidences of indebtedness in excess of two thousand dollars ($2,000.00) are issued in the name of that agency or body.

(Ord. 3167, passed 5-28-1991)