Chapter 4.19


4.19.010    Fund established.

4.19.020    Annual transfer to permanent fund.

4.19.010 Fund established.

Under Section 11.16 of the Home Rule Charter of the City and Borough of Sitka Charter there is established a separate fund: the Sitka Permanent Fund. The Sitka Permanent Fund consists of money appropriated to the Sitka Permanent Fund by the assembly. Such appropriation may be made by inclusion of the amounts to be appropriated in the annual budget or may be made by separate ordinance. (Ord. 01-1650 § 4(A), 2001.)

4.19.020 Annual transfer to permanent fund.

As part of the annual budget submission to the assembly, the administrator will include an amount of funds to be transferred from the general fund to the permanent fund during the subsequent fiscal year. The purpose for the transfer will be to reduce the effective takeout from the permanent fund so that the purchasing power of the permanent fund is maintained as much as possible. The initial transfer will take place in FY2018 and will be one-quarter of one percent of the average market value of the Sitka Permanent Fund for the past three years, as measured on December 31st of each year. The amount of the annual transfer will increase by one-quarter of one percent per subsequent fiscal year, to a maximum of two percent. (Ord. 17-02 § 4, 2016: Ord. 16-23 § 4, 2016.)