Chapter 4.44A
REQUIRED LEVELS OF CASH TO BE MAINTAINED IN THE GENERAL FUND2
Sections:
4.44A.010 Required levels of cash on hand.
4.44A.020 Restriction of general fund balance.
4.44A.010 Required levels of cash on hand.
The general fund of the city and borough of Sitka shall be required to maintain a minimum level of cash and cash equivalents in order to provide for adequate cash flow management and liquidity for the municipality.
A. The minimum level of cash and cash equivalents to be maintained shall be equal to the total of all budgeted expenditure for the general fund for the current fiscal year, divided by four. Transfers from the general fund balance shall not be considered expenditure for the purposes of this calculation.
B. For purposes of this chapter, cash and cash equivalents shall be defined as cash held in demand deposits, repurchase agreements as defined by Section 4.28.060(A)(4), money market mutual funds as defined by Section 4.28.060(A)(5), certificates of deposit as defined by Section 4.28.060(A)(2), and local government investment pools per Section 4.28.060(A)(6).
4.44A.020 Restriction of general fund balance.
A portion of the general fund balance equal to the total of all budgeted expenditures for the general fund for the current fiscal year, divided by four (transfers from the general fund balance shall not be considered expenditure for the purposes of this calculation), shall be restricted as to its use in order to provide for required liquidity of the municipality and not available for appropriation without a super majority of the assembly voting in approval. An additional amount of two million dollars shall be restricted as to its use in order to provide funds for responding to an emergency and not available for appropriation without a super majority of the assembly voting in approval. (Ord. 12-30 § 4 (part), 2012.)