The Auditor, upon completion of the annual budget of all departments, or at other convenient times, shall declare the remaining unencumbered balances in each department as inactive funds and report the same to Council with the Auditor's recommendation to the Treasurer or Council that these inactive funds be invested in interest bearing deposits or securities in local depositories previously approved and under contract with the Municipality or as otherwise provided by law.
Council shall adopt an ordinance for the investment of inactive funds pursuant to Ohio Revised Code Section 135.14(O) or such subsequent section or sections of applicable law as may be adopted in the future.
Council may then direct the Treasurer to invest any part or all of such inactive funds for such period as may be determined that such funds will not be needed by the Municipality. The interest earned from such inactive and invested funds shall be credited to the account from which the invested fund was derived.
In the event that the office of Treasurer is not a full-time position, the Treasurer shall delegate the task of investment of inactive funds to the Auditor as provided herein.
(Amended November 8, 2022.)