(A) A fund is established pursuant to I.C. 36-1-8-5.1 to be known as the city’s “Rainy Day Fund” and for the purpose of receiving transfers of unused and unencumbered funds under I.C. 36-1-8-5.
(B) The Rainy Day Fund is established with the intent that it may be appropriated and utilized to alleviate a fiscal crisis, brought about by unforeseen circumstances, which is reasonably likely to result in the city being unable to meet budgeted expenses and which crisis cannot be reasonably remedied through emergency appropriations or other means provided by statute.
(C) In any fiscal year, not more than 10% of the city’s total budget for that fiscal year may be transferred to the Rainy Day Fund.
(D) The Rainy Day Fund is subject to appropriation by the fiscal body of the city. Before making any such appropriation, the fiscal body shall make a finding that the proposed use of the appropriation from the Rainy Day Fund is consistent with the intent of the Fund.
(Ord. 2008-1610, passed - -2008)