(A) Established. A Rainy Day Fund is established to receive unused and unencumbered funds raised by a general or special tax levy on taxable property whenever the purpose of such tax levy has been fulfilled and unused and unencumbered balances remain.
(B) Purpose. The funds deposited in the Rainy Day Fund may be used for the operation of the city in its various departments when the city does not have sufficient funds to pay such costs, including but not limited to, salaries and wages, costs of services, equipment, capital improvements, repairs and similar expenses.
(C) Transfer of funds. On or before December 31 of each year the Common Council shall determine the amount, if any, of any unused and unencumbered funds available to be transferred to the Rainy Day Fund, which transfer may not exceed more than 10% of the city's budget for that year.
(D) Appropriation. The Common Council may authorize the expenditure of funds from the other funds that are appropriated that receive tax monies, upon making a finding that the proposed use is consistent with the intent of the fund.
(Ord. 886, passed 9-3-2002)