Chapter 3.32
GENERAL FUND CUMULATIVE RESERVE FUND
Sections:
3.32.010 Name of fund.
There is created a general fund subfund within the general fund to be known as the general fund cumulative reserve fund. (Ord. 24-13 § 1, 2013).
3.32.020 Purpose of fund.
The purpose of the general fund cumulative reserve fund is to identify, reserve, and accumulate unexpended general fund resources in order to mitigate impacts of future unanticipated general fund revenue shortfalls, budgetary imbalances, and shortages in working capital, and to provide revenue for emergency or other exigent circumstances. (Ord. 24-13 § 1, 2013).
3.32.030 Source of resources.
(1) There shall be deposited into the general fund cumulative reserve fund contributions from the general fund in amounts determined by the city council.
(2) Such contributions may consist of:
(a) General fund resources identified in the adopted budget for a fiscal year or any year of a fiscal biennium as contributions to the general fund cumulative reserve fund;
(b) General fund revenues in amounts greater than anticipated in the budget for a fiscal year; and
(c) Other general fund resources deemed appropriate by the city council. (Ord. 24-13 § 1, 2013).
3.32.040 Operation of fund.
(1) The budget submission for each year shall include any recommendations for a general fund contribution to the general fund cumulative reserve fund.
(2) Income generated by the general fund cumulative reserve fund may be placed in the general operating fund through the biennial budgeting process.
(3) With the exception of interest income specified in subsection (2) of this section, the resources in the general fund cumulative reserve fund may be allowed to accumulate from year to year and may be expended at such times and in such portions as the city council makes a written finding that emergency or other exigent circumstances exist that require use of city general fund reserves and by a two-thirds majority of the members of the city council votes to appropriate all or part of the available reserves in the general fund cumulative reserve fund. (Ord. 05-24 § 3, 2024; Ord. 24-13 § 1, 2013).
3.32.050 Fund manager.
The director of the department of finance or the director’s designee shall administer the general fund cumulative reserve fund within the financial management system, and shall serve as the fund manager. (Ord. 24-13 § 1, 2013).