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The Operational and Capital Contingency Reserve is an amount equal to a risk adjusted one (1) month of budgeted General Fund expenditures and operating transfers and will be classified as assigned fund balance.

(a) The sum of the Budgetary Stabilization Reserve, the Operational and Capital Contingency Reserve, other Council created commitments or assignments, and other Generally Accepted Accounting Principle required classifications of fund balance will equal the maximum recommended level of General Fund Reserves.

(b) Should General Fund, Fund Balance be more than the amount in 7.25.060(a), Council shall adopt a plan to reduce the reserves to at least the maximum level of 7.25.060(a). The plan must project reserves below the maximum level within three years inclusive of the budget year which is being adopted.

(Ord. 2943-2017)