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(A) There shall be appointed biennially by the Mayor a Standing Committee on Accounts, consisting of five members of the Board of Mayor and Aldermen, which Committee shall meet at least every month and carefully examine and audit all accounts of the city, which shall be laid before them, and shall allow and pass the same if found to be correct and justly due.
(B) In addition to any other reports required by law or by the Board of Mayor and Aldermen to be submitted by the Finance Officer, he shall submit to the members of the Aldermanic Accounts, Enrollment and Revenue Administration Committee a report of the results of post-audits, program result audits, and investigations he has conducted since the date of his last such report. The Committee shall determine which Aldermanic policy committees shall receive reports pursuant to this section.
(Ord. passed 5-6-97)
(A) There is hereby established within the general fund a revenue stabilization 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 revenue stabilization reserve account. The Finance Officer is hereby directed to establish the revenue stabilization reserve account in which to transfer funds from any general fund operating surplus.
(B) In the event of a general fund operating deficit at the close of any fiscal year, as determined by the official audit performed pursuant to § 35.017(Z) of this chapter, the Finance Officer shall notify the Board of Mayor and Aldermen of such deficit and request that sufficient funds, to the extent available, be transferred from the revenue stabilization reserve account to eliminate such deficiency. Such a transfer shall be requested only when both of the following conditions have been met:
(1) A general fund operating deficit occurred for the most recently completed fiscal year.
(2) Unrestricted general fund revenues in the most recently completed fiscal year were less than the budget forecast.
(C) The amount of the transfer requested shall not exceed a sum equal to the lower of the amount of the deficit in division (B)(1) of this section or the revenue shortfall in division (B)(2) of this section. Upon receipt of approval from the Board of Mayor and Aldermen, the Finance Officer shall immediately transfer the sums so approved to the general fund undesignated fund balance.
(D) No available balance in the revenue stabilization reserve account shall be utilized for any purpose other than those authorized by division (C) of this section, without the specific approval of two-thirds of the Aldermen-elect.
(E) If, after the requirements of divisions (A) through (D) of this section and § 35.0351 have been met and the balance in the revenue stabilization reserve account is in excess of an amount equal to five percent of the actual general fund operating expenditures, as determined by the official audit performed pursuant to § 35.017(M) of this chapter, for the most recently completed fiscal year, then such excess shall be transferred, without further action, to the general fund unrestricted fund balance.
(Ord. passed 5-6-97; Am. Ord. passed 6-5-18)
§ 35.033 SPECIAL REVENUE RESERVE ACCOUNT.
(A) There is hereby established within the general fund a special revenue reserve account into which one-time, general fund revenues, as defined in division (B) of this section, shall be deposited. The Finance Officer shall segregate principal in the account from earnings realized from the investment of the balance in the account.
(B) One-time revenues for the purpose of this section shall be defined as those revenues considered to be nonrecurring in nature or infrequent in receipt. Examples of one-time revenues include, but are not limited to: proceeds from the sale of government assets, sale of tax deeded property, development fees, and shared revenues from economic development projects, settlement proceeds and insurance proceeds.
(C) The Board of Mayor and Aldermen may subdivide the balance in the special revenue reserve account to designate a portion or portions for a specific purpose or purposes subject to division (D) of this section.
(D) The Board of Mayor and Aldermen may appropriate the balance or a portion of the balance during the development of the annual budget subject to the following conditions:
(1) The Board of Mayor and Aldermen may appropriate principal, or any investment earnings thereon, for capital purchases (i.e. motorized equipment, building renovations).
(2) The Board of Mayor and Aldermen may appropriate an amount not to exceed 75% of the investment earnings from the prior fiscal year for recurring operating expenses (i.e. textbooks).
(E) No available balance in the special revenue reserve account shall be utilized for any purpose other than those authorized herein, without the specific approval of two-thirds of the Aldermen-elect.
(Ord. passed 11-6-02)
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