[Ord. No. 20-01, 1-14-2020]
A. The Board hereby approves the adoption of a Reserve Fund Policy to establish rules regarding reserve funds, which are outlined in Subsections
(B) through
(E) in this Section.
B. The
balance in the reserve fund will be calculated on a three-year rolling
average of total on-going operating expenses from the General Fund,
the Municipal Building and Park Fund and the State Revenue Sharing
Fund.
C. Any
one-time capital expenses will not be included in this calculation
of the Reserve Fund.
D. The
balance in the Reserve Fund will be reviewed and adjusted during the
first quarter of each fiscal year with approval of the Board of Aldermen.
E. Any
funds taken out of the Reserve Fund shall not be used unless approved
by a super majority vote (four (4) Aldermen) by the Board of Aldermen.