(A) There is hereby created a Financial Stabilization Fund of which a separate set of financial accounts will be maintained with the town accounting system.
(B) The Financial Stabilization Fund may receive appropriations, gifts, and grants from any other funds made available and may be funded over a period of years up to the maximum level allowable by W. Va. Code § 8-37-3, as amended, or its amendments and successors.
(C) These funds may be used to cover the general fund’s operating shortfalls and any other purpose Town Council considers appropriate.
(D) Cash and investments maintained in this Fund may not be removed without majority approval by Town Council with the following exceptions: the Mayor and Finance Director may utilize this Fund for emergency purposes, such as natural or human-made disasters in the event cash is not available to meet obligations for continued operations; or to meet payroll obligations if a cash shortage exists in any fund where employees are paid. As soon as reasonably possible, a report will be provided to Town Council as to the reason for utilizing these funds, the total amount utilized, and any corrective actions that may be necessary.
(Ord. 14-001, passed 6-23-2014)