7.25.050 Budgetary Stabilization Reserve.
The Budget Stabilization Reserve is an amount equal to a risk adjusted three (3) months of budgeted General Fund expenditures and operating transfers and will be classified as committed fund balance.
(a) The sum of the Budget Stabilization Reserve, Council created commitments or assignments, and other Generally Accepted Accounting Principle required classifications of fund balance is the minimum recommended level of City General Fund, Fund Balance.
(b) Should General Fund, Fund Balance be less than the amount in 7.25.050(a), Council shall adopt a plan to replenish the reserves to at least the minimum level of 7.25.050(a). The plan must project reserves above the minimum level within three years, inclusive of the budget year which is being adopted.
(Ord. 2943-2017)