Loading...
In this Article the following terms have the following meanings, unless the context clearly indicates a different meaning:
Actual total revenues means the combined total of income tax, real property transfer tax, recordation tax, and investment income, as reported in the County’s annual financial report.
Adjusted Governmental Revenues means tax-supported County Governmental Funds revenues, plus revenues of the:
(1) County Grants Fund;
(2) County Capital Projects Fund;
(3) tax supported funds of the Montgomery County Public Schools, not including the County’s local contribution;
(4) tax supported funds of Montgomery College, not including the County’s local contribution; and
(5) tax supported funds of the Montgomery County portion of the Maryland-National Capital Park and Planning Commission.
Director means the Director of the Department of Finance.
Excess revenue means the amount, if positive, by which actual total revenues from the income tax, real property transfer tax, recordation tax, and investment income of the General Fund for the fiscal year exceed the original projections for these amounts.
Fund means the Revenue Stabilization Fund created under this Article.
General Fund means the general operating fund of the County which is used to account for all revenues and expenditures, except revenues and expenditures required to be accounted for in another fund.
Income tax means the County income tax imposed under state law.
Investment income of the General Fund means income derived from the investment of revenues from the General Fund.
Original projection means the projection of total General Fund revenues for the next fiscal year approved by the County Council in the “Schedule of Revenue Estimates and Appropriations” resolution or any similar resolution.
Recordation tax means the tax imposed under Sections 12-101 et. seq., Tax-Property Article, Maryland Code.
Revised forecast means any revised projection of total General Fund revenues for the next fiscal year prepared by the Department of Finance.
Total reserve means the sum of the reserve in the Fund plus the Unrestricted General Fund Balance.
Unrestricted General Fund Balance means the residual portion of the General Fund fund balance that has not been reserved, restricted, or encumbered for later year’s expenditures.(1993 L.M.C., ch. 41, § 1; 2010 L.M.C., ch. 33, § 1.)
(a) The Director may establish a Revenue Stabilization Fund to support appropriations which have become unfunded.
(b) The Fund is continuing and non-lapsing.
(c) The Fund is in addition to any surplus that is accumulated under Section 310 of the County Charter. (1993 L.M.C., ch. 41, § 1; 2010 L.M.C., ch. 33 § 1.)
Editor’s note—Former Sec. 20-67, derived from 1993 L.M.C., ch. 41, § 1, was repealed by 2010 L.M.C., ch. 33, § 1.
The mandatory annual contribution to the Fund must equal the greater of:
(a) 50 percent of any excess revenue; or
(b) an annual amount equal to the lesser of 0.5 percent of the Adjusted Governmental Revenues or the amount needed to obtain a total reserve of 10 percent of the Adjusted Governmental Revenues. (1993 L.M.C., ch. 41, § 1; 2010 L.M.C., ch. 33, § 1.)
The County Executive may recommend and the County Council may by resolution approve additional contributions to the Fund. (1993 L.M.C., ch. 41, § 1; 2010 L.M.C., ch. 33, § 1.)
The Director must transfer the mandatory contributions required by Section 20-68 and any discretionary contributions under Section 20-69 from the General Fund to the Fund at the end of each fiscal year. (1993 L.M.C., ch. 41, § 1; 2010 L.M.C., ch. 33, § 1.)
All interest earned on the Fund must be added to the Fund. (1993 L.M.C , ch. 41, § 1; 2010 L.M.C., ch. 33, § 1.)
Loading...