[Adopted 4-11-1994; amended in its entirety 10-11-2005 by Ord. No.
05-27]
The general fund balance of the Town of Stratford,
which is the difference between the assets and liabilities of the
Town, shall have included in its fund balance reserve a section titled
"Reserved Fund Balance - Reserve for Emergencies Fund." The Finance
Department shall calculate and recommend amounts to be included in
each annual budget and the Chief Executive Officer shall include an
amount in each annual budget to fund and maintain the Reserve for
Emergencies Fund at a level approximating 10% of the prior year's
general fund expenditures. Sources of funding the Reserve for Emergencies
Fund may include, without limitation, 50% of the excess of revenues
over expenditures for any fiscal year, 50% of the year-to-year reduction
in the aggregate principal and interest payments on the Town's general
obligation indebtedness and 50% of unbudgeted or unplanned revenues
from the sale of capital assets, recoveries from lawsuits, increases
in unrestricted state grants and revenues, and other sources.
Amounts on deposit in the Reserve for Emergencies
Fund may be maintained on deposit to support or enhance the Town's
general obligation credit rating, or used to finance expenditures
designated by the Town Council to be an emergency for which no other
funding has been budgeted or is available. Such designation shall
require the affirmative vote of eight members of the Town Council.
