(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)