(A) There is hereby established a Rainy Day Fund to receive transfers of unused and unencumbered funds and other funds under I.C. 36-1-8-5.
(B) Not more than 10% of any fiscal year total budget shall be transferred into the Rainy Day Fund.
(C) The Rainy Day Fund shall be subject to the same appropriation process as other funds that receive tax money.
(D) The Town Council shall utilize its decision making powers regarding fiscal affairs to set priorities for allocation and expenditure of the Rainy Day Fund as deemed necessary to best serve the residents of the town.
(Ord. 2004-1, passed 5-10-04)