A. The city shall establish and maintain a minimum level of year-end general fund cash balance of no less than five percent (5%) of the total general fund revenue budgeted or amended each fiscal year. The city council shall adopt the annual operating budget each fiscal year in a manner consistent with the required minimum level of year-end cash balance. Budget deficit reduction measures shall be taken in the course of each fiscal year should it be determined that without such measures the general fund cash balance would fall below the required minimum level of year-end general fund cash balance at the close of that fiscal year.
B. Upon adoption of this section, the mayor and city council shall implement and exercise the necessary budget controls to enable the city to comply with this section within the prescribed time allowable stated herein. The general fund cash balance shall be at the minimum required level of five percent (5%) of annual general fund revenue no later than June 30, 1996. (Ord. 4012, 4-25-1994)