Chapter 3.20
STABILIZATION FUND
Sections:
3.20.010 Establishment of stabilization fund.
3.20.030 Determination of monies in fund.
3.20.040 Use of stabilization funds.
3.20.010 Establishment of stabilization fund.
This chapter shall establish the stabilization fund. [Ord. 2012-066 § 1.]
3.20.020 Accounting process.
The fund shall be accounted for separately in the general ledger of the town’s general fund and shall be identified as committed fund balances for financial reporting purposes. [Ord. 2012-066 § 1.]
3.20.030 Determination of monies in fund.
In conjunction with the adoption of the annual budget, the town council, by resolution, shall determine the amount of monies that are set aside in the stabilization fund. [Ord. 2012-066 § 1.]
3.20.040 Use of stabilization funds.
Stabilization funds may only be used to temporarily divest monies to avoid negative cash balances. The amount divested shall not exceed the amount required to meet immediate cash needs. [Ord. 2012-066 § 1.]