(A) Establishment of Fund. The city’s Fiscal Officer shall be authorized to establish an insurance reserve fund. The purpose of the Fund will be to hold moneys to offset future insurance increases and also allow the city flexibility to subsidize the cost of health insurance to city employees.
(B) Use of Fund. Any moneys placed into the Fund may be applied to the city budget for the cost of health insurance or be partially allocated to city employees to assist them in paying out-of-pocket costs of health care. Any allocations to the employees may be made only by a majority vote of the Common Council.
(C) Reversion to General Fund if repealed. Should this section be repealed, then any moneys placed in the fund shall revert to the General Fund.
(Prior Code, § 33.170) (Ord. G-11-09, passed 12-27-2011)