(a) There is hereby created a Budget Reserve Account within the General Fund pursuant to the authority granted in Ohio R.C. 5705.13. This account shall be used to accumulate available resources in the event the City experiences a decline in revenue and/or an increase in expenditures in the General Fund in the future.
(b) The Director of Finance shall set aside no more than five percent of the revenue credited in the preceding fiscal year in the General Fund. Any reserve balance in the account shall not be considered part of the unencumbered balance or revenue of the City.
(c) In the event the City can no longer make payments out of the General Fund, the Director of Finance shall make payments from said specific account. At any time, Council, by resolution or ordinance, can eliminate or reduce the account and any funds remaining will become part of the General Fund unencumbered fund balance.
(Ord. 3-14. Passed 3-17-2014.)