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(A) Upon the recommendation of the Finance Committee the County Board directs the Treasurer to establish the Budget Stabilization Fund as a special fund in the county treasury.
(B) Each fiscal year following the fiscal year of the creation of this Fund, the county may appropriate by a resolution adopted by two-thirds vote of the members elected and serving on the County Board, all or part of a surplus in the General Fund resulting from an excess of revenue in comparison to expenses.
(C) The county shall not impose additional taxes solely to produce revenue in excess of that needed in its estimated budget in order to provide for money to be appropriated to the Fund.
(D) The amount of money in the Fund shall not exceed either 15% of the county’s most recent General Fund budget, as originally adopted, or 15% of the average of the county’s five most recent General Fund budgets, as amended, whichever is less.
(E) Money in the Fund may be appropriated by a resolution adopted by two-thirds vote of the members elected and serving on the County Board for the following purposes:
(1) 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 County Board deems the county’s budgeted revenue is not being collected in an amount sufficient to cover budget expenses;
(2) To cover a General Fund deficit when and only when the county’s annual audit reveals such a deficit; and
(3) To cover expenses arising because of a natural disaster, including a flood, fire, or tornado. However, if federal or state funds are received to offset the appropriations from the Fund, that money shall be returned to the Fund.
(F) The money in the Fund shall not be appropriated for the acquisition, construction, or alteration of a facility as part of a general capital improvements program.
(G) In order to abolish the Fund at any point in time, a resolution must be adopted by a two-thirds vote of the members elected and serving on the County Board.
(Res. 2012.17, passed 5-8-2012)