(a) It is expected that the contingency fund established under § 2-7-1(b) of this article will seldom be needed or used, but is provided as a safeguard or protection in event a contingency should arise. It shall be dedicated and appropriated to meet any unexpected demand which arises after the tax levy has been made, the occurrence of which could not reasonably have been foreseen. The unexpended balance should be a part of the unassigned fund balance.
(b) At the close of each fiscal year, the board of county commissioners shall prepare a balanced, itemized statement of the contingency fund for such fiscal year showing first the amount of the fund levied, secondly the expenditures therefrom in full detail with clear and complete explanation of the contingency requiring such expenditures and third, the unexpended balance on hand at the end of the fiscal year, to which statement the county commissioners shall sign their signatures to be attested by the administrative assistant to the board of county commissioners. They shall further make affidavit that the statement is a true and accurate account as therein set forth, and they shall publish the statement, thus prepared, signed, attested and sworn to, at least three (3) times during the month of July, following the close of the fiscal year, in one daily newspaper published in the county.
(Code 1959, § 8-7; 1963, Chapter 825, § 14; 1969, Chapter 91, § 1; 1970, Chapter 63, § 1; 1977, Chapter 95, § 1; 1984, Chapter 428, § 1; 1988, Chapter 400, § 1; 1993, Chapter 163, § 1; 2012, Chapter 689, § 1)