In the preparation by the Finance Commission of the annual budget, one-half of one percent of equalized assessed value of property subject to taxation by the city may be accumulated in a separate fund for the purposes or specific capital improvements, repairs and/or replacements of specific types of municipal equipment or other tangible property, both real and personal, which fund shall be designated as the capital improvement, repair or replacement fund. Expenditures from the fund shall be budgeted in the fiscal year in which the capital improvement, repair or replacement will occur. Upon the completion or abandonment of any object for which the fund was used, or if surplus moneys remain after the completion or abandonment of any object for which the fund was inaugurated, then the funds no longer necessary for capital improvement, repair or replacement shall be transferred into the general corporate fund of the municipality on the first day of the fiscal year following the abandonment, completion or discovery of surplus funds.
(2000 Code, § 2.80.050)