(A) There is hereby established within the general fund a severance reserve account. At the close of each fiscal year, one-third of any general fund operating surplus, as determined by the official audit performed pursuant to § 35.017(Z) of this chapter, shall be transferred by the Finance
Officer to a special nonlapsing severance reserve account. The Finance Officer is hereby directed to establish the severance reserve account in which to transfer funds from any general fund operating surplus.
(B) No available balance in the severance reserve account shall be utilized for any purpose other than those arising from employee retirement without the specific approval of two-thirds of the Aldermen-elect.
(C) In the event an annual budget deficit shall occur in the severance line-item, the Finance Officer shall transfer funds from the severance reserve account to the general fund undesignated fund balance, as necessary to cover the deficit.
(Ord. passed 6-5-18)