Chapter 3.09
GENERAL FUND REVENUE STABILIZATION FUND
Sections:
3.09.010 Name of fund.
There is created a general fund subfund within the general fund to be known as the general fund revenue stabilization fund. (Ord. 1630 § 1, 2012).
3.09.020 Purpose of fund.
The purpose of the general fund revenue stabilization 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. 1630 § 1, 2012).
3.09.030 Source of resources.
(1) There shall be deposited into the general fund revenue stabilization 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 revenue stabilization fund;
(b) General fund revenues in amounts greater than anticipated in the budget for a fiscal year or any year of a fiscal biennium; and
(c) Other general fund resources deemed appropriate by the city council. (Ord. 1630 § 1, 2012).
3.09.040 Operation of fund.
(1) The city will maintain general fund revenue stabilization fund reserves at a level equal to at least 10 percent of the total fiscal year ending actual general fund revenues, excluding any significant one-time revenue. Needed transfers will occur as part of the year end procedures and prior to final closure of the fiscal year. The purpose of the fund is to sustain city services in the event of a catastrophic event such as a natural or manmade disaster (e.g., earthquake, windstorm, flood, terrorist attack), or a major downturn in the economy.
(2) These reserved funds may be appropriated only by a vote of not less than four members of the city council or the unanimous vote of a legal quorum. If the funds are approved for use, the city will begin to replenish these reserves at the end of the biennium if a surplus exists, but no later than the biennium following their use. (Ord. 1843 § 1, 2018; Ord. 1630 § 1, 2012).
3.09.050 Fund manager.
The director of the department of finance or the director’s designee shall administer the general fund revenue stabilization fund within the financial management system, and shall serve as the fund manager. (Ord. 1630 § 1, 2012).