(a) There is hereby established an “Emergency Expenditures Fund” within the Village’s General Fund. The amount of money to be reserved in this Fund in any fiscal year shall not exceed five percent (5%) of the revenue credited in the preceding fiscal year to the General Fund and shall not be considered part of the unencumbered balance of the Village under division (A) of Ohio R.C. 5705.35 or division (A)(1) of Ohio R.C. 5705.36.
(b) After the effective date of this section and before December 31 of each year, Council shall determine the amount, if any, of any unused and unencumbered funds available to be transferred to the “Emergency Expenditures Fund”, which amount shall not exceed five percent (5%) of the revenue credited in the preceding fiscal year to the General Fund.
(c) Council shall authorize the expenditure of funds from the Emergency Expenditures Fund by appropriations made in the same manner as other funds are appropriated, upon making a finding that the proposed use of the funds is consistent with the intent of the Fund.
(d) The funds on deposit in the Emergency Expenditures Fund may be used for the operation of the Village and its various departments, when the Village does not have sufficient current revenues to pay for costs, including, but not limited to, costs of services, salaries and wages, supplies, equipment, capital improvement, repairs and other expenditures.
(Ord. 2010-25. Passed 2-18-10.)