(a) The Reserve Fund is established by Charter Section 302. Pursuant to Charter Section 302, the Reserve Fund shall include funding for unanticipated expenditures and revenue shortfalls in the City's General Fund and includes two accounts within the Reserve Fund, the Contingency Reserve Account and the Emergency Reserve Account. It is the goal of the City Council that the amount allocated annually to the Reserve Fund, including the amount required by the Charter to be allocated to the Emergency Reserve Account, shall be not less than 5 percent (5%) of all General Fund receipts anticipated for that fiscal year in the adopted budget. The provisions and limitations applicable to the Reserve Fund, Contingency Reserve Account, and Emergency Reserve Account are set forth in Charter Section 302. However, the Charter provides that the City Council shall, by ordinance, establish policies for the use of the Contingency Reserve Account.
(b) Policies for Use of the Contingency Reserve Account. The Contingency Reserve Account shall include all monies in the Reserve Fund over and above the amount required to be allocated to the Emergency Reserve Account pursuant to Charter Section 302. The Contingency Reserve Account will be the source of additional funding needed as a result of unanticipated expenditures and revenue shortfalls. Transfers and appropriations from the Contingency Reserve Account shall be made in compliance with Charter Sections 340 and 341 in accordance with the policy decisions and determinations made by the Council and Mayor in connection with the City budget, as revised from time to time.
SECTION HISTORY
Based on Charter Sec. 380.
Amended by: Ord. No. 173,305, Eff. 6-30-00, Oper. 7-1-00; Ord. No. 182,928, Eff. 4-12-14.