(A) Established. The city hereby establishes a Cash Flow Reserve Fund for the purpose of setting aside moneys to be available during periods of low cash flow so as to have available moneys to cover normal and usual expenses as well as emergency needs.
(B) Fund balance. Moneys shall be set aside in the Cash Flow Reserve Fund until the balance thereof has reached a sum equal to 20% of the current year’s operating budget for the General Fund. This means that the 20% shall fluctuate based upon each budget year and the requirements for the respective General Fund thereunder. The Council shall review annually during the budget process.
(C) Exclusive uses. The balance of the Cash Flow Reserve Fund shall not be invaded for any purposes not recited in division (A) above without a repeal or amendment of this section.
(D) Required procedure. No expenditure of cash flow reserve funds shall occur without the City Council first publishing a notice of the proposed uses and holding a public hearing thereon.
(2013 Code, § 2-6) (Ord. 14547, passed 7-8-1996)