Chapter 3.88
BUDGET STABILIZATION FUND
Sections:
3.88.010 Budget stabilization fund.
3.88.030 Revenue sources – Restrictions.
3.88.040 Disposition of revenue – Restrictions.
3.88.060 Interest and earnings.
3.88.010 Budget stabilization fund.
There is hereby created a fund of the city that is to be titled the budget stabilization fund. Budget stabilization reserves will be held in the budget stabilization fund. (Ord. 1071 § 1, 2014)
3.88.020 Purpose.
The purpose of this fund is to hold programmed and occasional savings for the purpose of mitigating swings in general fund revenues and impacts of ongoing structural deficits. (Ord. 1071 § 2, 2014)
3.88.030 Revenue sources – Restrictions.
General revenues of the city received for the general (current expense) fund may be deposited into the budget stabilization fund. As part of the biennial budget or mid-biennial budget deliberations and after funding general fund expenditures and obligations, any anticipated ending fund balance at the end of a biennial budget period in excess of the equivalent of 12 percent of the budgeted general fund annual department expenditures shall be eligible for deposit into the budget stabilization fund. The actual amount of deposit shall be determined by the city council. The budget stabilization reserve balance shall not exceed the equivalent of 10 percent of the general fund budgeted annual expenditures in any given year. (Ord. 1071 § 3, 2014)
3.88.040 Disposition of revenue – Restrictions.
Revenues deposited in the budget stabilization fund shall be held in that fund until the city council determines, as part of its biennium budget or mid-biennium budget adjustment ordinance, that budget stabilization funds are needed. (Ord. 1071 § 4, 2014)
3.88.050 Transfer of funds.
The transfer of funds into the budget stabilization fund shall be made after the identified surplus amount projected by the finance director is confirmed by year-end actual amounts. Consistent with authorization by the council, the finance director is authorized to time the transfer of funds in a manner to protect the operating fund balance in the general fund by waiting up to May 1st of the budget year for 50 percent of the amount and November 1st of the budget year for the remainder. Transfer of funds from the budget stabilization fund may be made by the finance director at such time(s) to assure the operating solvency of the general fund. (Ord. 1071 § 5, 2014)
3.88.060 Interest and earnings.
Any interest and earnings from the budget stabilization fund shall be paid into the budget stabilization fund. (Ord. 1071 § 6, 2014)