[R.O. 1998 § 135.270; Ord. No. 2365 §1, 12-12-2004; Ord. No. 2569 §2, 10-9-2008]
A.
There is hereby created a Reserve Fund
line item that shall be accounted for within the City's General Fund.
B.
The purpose of this Article is to establish
a Reserve Fund wherein the City can maintain cash reserves to be used
to meet normal obligations of the General Fund throughout the fiscal
year due to cash flow shortages.
C.
This Reserve Fund is to be funded by annual
appropriation approved by the Board of Aldermen during the budget
process for each fiscal year.
D.
Any positive balance in the General Fund,
identified as reserves in excess of expenses at the close of a given
fiscal year, will be identified and reported to the Board of Aldermen,
and the Board of Aldermen may direct that some, or all, of the excess
balance be transferred to the Reserve Fund.
E.
Appropriations made from the Reserve Fund,
other than for cash flow maintenance by the City Administrator, may
only be authorized by passage of a resolution by the City's Board
of Aldermen.
F.
If the City Administrator deems it necessary
to disburse any funds out of the Reserve Fund to maintain the City's
cash flow, then the City Administrator may do so; provided that within
thirty (30) days of such disbursement, the same amount of such disbursement
must be deposited back into the Reserve Fund.
