(a) There is hereby established the General Fund Stabilization reserve Fund for the purpose of General Fund budget stabilization, which shall not exceed 15% of the General Fund's revenue for the preceding year. This Reserve Fund is not to be considered part of the unencumbered balance when certifying available balances at the end of the year. The reserve for budget stabilization may be reduced or eliminated at any time by Council.
(b) There is hereby established the Employee Termination Benefits Fund for the purpose of paying termination benefits, i.e., accumulated sick leave, personal leave, vacation leave and/or compensatory time upon the termination of employment or retirement. Money may be transferred to this Fund from any fund from which the termination benefits could lawfully be paid. This special revenue Fund may be rescinded at any time by Council with the accumulated resources being returned to the fund from which they came. Amounts accumulated in this Fund should be reasonably based on the City Treasurer's estimated liability for benefits.
(c) There is hereby established the Capital Projects Fund for the purpose of accumulating resources for the acquisition, construction or improvement of fixed assets, including motor vehicles. Each project fund created shall accumulate for a period not to exceed five years. Money may be transferred to the Capital Projects Fund from any other fund that could acquire the fixed assets. If a contract for the fixed asset or assets has not been entered into before the five-year period expires, the money and accumulated interest is to be returned to the fund from which it was transferred and that was originally intended to receive it. Council may rescind a Capital Projects Fund at any time with the accumulated resources being returned to the fund from which they came.
(d) The City Treasurer is hereby authorized and directed to establish such separate funds for the purposes described in this section.
(Res. 8-98. Passed 9-17-98; Ord. 08-2005. Passed 3-17-05.)