(A) There is established a Rainy Day Fund to receive transfers of unused and unencumbered funds raised by a general or special tax levy on taxable property within the city whenever the purpose of such tax levy has been fulfilled and an unused and unencumbered balance remains. The sources of funding for the Rainy Day Fund shall be: General Fund, including Mayor, Clerk-Treasurer, Board of Public Works, Common Council, Department of Law, Police, Plan Commission, Special Projects, and Fire Department; and the Police Pension, Aviation, Parks, Motor Vehicle Highway, Local Road and Street, Cum Cap Improvement, Cum Cap Development and Police Continuing Education funds.
(B) The funds on deposit in the Rainy Day Fund may be used for the operation of the city and its various departments, when the city does not have sufficient levies or funds to pay such costs, including, but not limited to, salaries and wages, costs of services, supplies, equipment, capital improvements, repairs and similar expenditures.
(C) On or before December 31 of each year, the Common Council shall determine the amount, if any, of any unused and unencumbered funds available to be transferred to the Rainy Day Fund, which transfer may not exceed 10% of the city's total budget for that fiscal year.
(D) The Common Council may authorize the expenditure of funds from the Rainy Day Fund by appropriations made in the same manner as other funds are appropriated that receive tax monies, upon making a finding that the proposed use of the funds is consistent with the intent of the fund.
(Ord. 2003-18, passed 12-16-03)