Chapter 3.53
REVENUE STABILIZATION FUND

Sections:

3.53.010    Creating revenue stabilization fund.

3.53.020    Appropriation of monies.

3.53.030    Monies accumulation.

3.53.040    Interest earnings.

3.53.900    Severability.

3.53.010 Creating revenue stabilization fund.

There is hereby created and established a fund known as the “revenue stabilization fund.” (Ord. 2224 § 1, 1998)

3.53.020 Appropriation of monies.

Into the revenue stabilization fund shall be placed monies appropriated or budgeted from time-to-time, which are determined reasonable and necessary to accumulate a balance of at least $2,000,000, and that the funds be expended only for the purposes of revenue stabilization. Revenue stabilization includes:

A. Funds for the payment of approved expenditures due to a cash flow shortage in the general fund;

B. Financial reserves to provide a cushion for an unexpected shortage in tax revenue receipts;

C. Reserves for expenditures deemed necessary by the city council;

D. Temporary short-term interfund loans made consistent with BARS Manual regulations. (Ord. 2224 § 2, 1998)

3.53.030 Monies accumulation.

The monies in the fund may be allowed to accumulate from year-to-year until the city council shall determine to expend the monies in the fund for the purposes specified; provided, that any expenditure that results in the fund decreasing below $1,500,000 shall only be approved by a resolution which states facts and findings for doing so. (Ord. 2224 § 3, 1998)

3.53.040 Interest earnings.

The interest earnings from said funds shall be paid into the general fund. (Ord. 2224 § 4, 1998)

3.53.900 Severability.

If any section, subsection, sentence, clause, phrase or word of this chapter should be held to be invalid or unconstitutional by a court of competent jurisdiction, such invalidity or unconstitutionality thereof shall not affect the validity or constitutionality of any other section, subsection, sentence, clause, phrase or word of this chapter. (Ord. 2224 § 5, 1998)