Chapter 3.84
EXECUTIVE RESERVE FUND
Sections:
3.84.010 Established.
There is established in the Office of the Clerk-Treasurer an “executive reserve fund” to be maintained by the City. The purpose of this fund is to create an emergency operating fund for the current expense fund that shall only be used for economic or emergency situations facing the City. As part of the City’s annual budgeting process, the City shall deposit by the close of the first quarter of the new fiscal year five percent of the beginning balance of the new fiscal year. (Ord. C-607 § 1, 2005; Ord. C-289 § 5, 1993; Ord. C-270 § 6, 1992)
3.84.020 Source – Investment.
The fund shall be held as a separate fund; provided, the fund may be invested with any other fund or moneys of the City, except as otherwise precluded by law, applicable rule, or standard accounting practice, so long as the credits to this fund are separately recorded and maintained. Such sums shall be placed in this fund as the City Council during its annual budgeting process shall direct, as well as additional funds that may from time to time be directed by motion. No sum shall be withdrawn from this fund except upon affirmative passage of such ordinance deemed necessary for event(s) that meet the purpose set forth in AHMC 3.84.010. (Ord. C-607 § 2, 2005; Ord. C-289 § 6, 1993; Ord. C-270 § 7, 1992)