Chapter 3.08
CUMULATIVE RESERVE FUND1
Sections:
3.08.010 Established.
There is hereby created and established a special purpose nonbudgetary fund to be designated and known as the “Cumulative Reserve Fund” into which moneys shall be placed as designated during the annual budget process by the city council from unallocated revenues in the current expense fund. (Ord. 756 § 1, 1991)
3.08.020 Use of funds.
Moneys placed in the cumulative reserve fund shall be used for emergencies, capital outlay or any other use that city council deems necessary. Moneys in said fund shall be transferred to the appropriate fund for expenditures as directed by the city council by resolution stating the purposes for which the moneys may be used. Any remaining moneys in said fund, where said fund is closed, shall be transferred to the current expense fund by resolution. (Ord. 756 § 2, 1991)
Prior legislation: Ord. 244.