Chapter 3.70
RAINY DAY FUND
Sections:
3.70.010 Rainy Day Fund.
(A) Establishment of Fund. There is hereby established a Rainy Day Fund pursuant to IC 36-1-8-5.1.
(B) Purpose of Fund. The fund is established in order to set aside monies from the normal operating budget of the City that can be used to meet unanticipated expenses that cannot be funded from existing appropriations, to meet cash flow needs between biannual distributions of property tax receipts and other periodic revenue distributions, and for bridging a gap caused by an unexpected revenue shortfall or significant delay in receiving revenue.
(C) Source of Revenues. The fund may receive transfers of unused and unencumbered funds from any fund for which the City imposes a property tax levy, from any supplemental COIT distribution received by the City, and from any other source allowed by the laws of the State of Indiana. The Rainy Day Fund is subject to the same appropriation process as other funds that receive tax money.
(D) In any fiscal year, the City may transfer an amount not to exceed 10 percent of the political subdivision’s annual budget for that fiscal year to the Rainy Day Fund.
(E) Expenditures from Fund. All expenditures from this fund shall be subject to appropriation by the City Council.
(F) Amendment and Termination. The fund shall continue until amended or terminated by ordinance. Unless indicated otherwise by ordinance, the proceeds of the fund at termination shall be deposited into the General Fund. [Ord. G-2004-1, passed 4-14-04. 1983 Code § 3.30.300.]