Chapter 3.64


3.64.010    Created – Source of funds.

3.64.020    Use of funds.

3.64.030    Accounts.

3.64.010 Created – Source of funds.

There is hereby created and established a special purpose fund to be designated and known as the “general cumulative reserve fund” into which moneys shall be placed as designated from time to time by the city council from sources which may include unallocated revenues which may be appropriated in the current expense fund or any other of the nonproprietary funds of the city for that purpose, taxes or other revenues not restricted by law, and such other sources as may be designated by the city council. (Ord. 709 § 1, 1995).

3.64.020 Use of funds.

Moneys placed in the general cumulative reserve fund shall be used as a reserve for major emergency conditions and not be used for routine operation of our city. Moneys in said fund shall be transferred to the appropriate city fund for expenditures and short-term cash requirements as directed by the city council through an approved budget. Any remaining moneys in said fund, when said fund is closed, shall be transferred to such other city fund as the city council shall direct through an approved budget. (Ord. 801 § 1, 1999; Ord. 709 § 2, 1995).

3.64.030 Accounts.

The following accounts are hereby established within the general cumulative reserve fund:

A. Emergency Reserve Account. This reserve will serve as a device for unforeseen emergencies.

B. Cash Flow Account. Moneys in this reserve are to be used on a temporary basis for short-term cash needs in the current expense fund. All moneys transferred to the current expense fund from this account must be repaid prior to the fiscal year end in which they were borrowed. (Ord. 801 § 2, 1999; Ord. 709 § 3, 1995).