BIL 127 Draft 02 2010-2012 - Laserfiche WebLink

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(1) Revenue shortfalls to minimize the need for budget cuts or tax increases; (2) A revenue reduction due to a change in state or federal legislation; or (3) Slower revenue growth that typically occurs during an economic recession. Section 2 -220. Funding. (a) Each fiscal year [ the council.] , the minimum amount transferred into the budget and stabilization fund shall be $250,000. (b) The council hereby establishes a policy to accumulate between five to fifteen percent (5 -15 %) of the general fund total expenditures based on a combination of the fund balance and the budget stabilization fund. This policy does not preclude the use of the funds for any reason listed in section 2 -219 even if the targeted percentage is not met. Section 2 -221. [ U c of fund. ] Expenditures. [This] The budget stabilization fund may be used only when there is a reduction in budgeted revenue and the director of finance determines that such use is necessary to prevent a reduction in the level of public services. Section 2 -222. Appropriations. Appropriations from [thi-s] the budget stabilization fund may occur only upon the following: (1) Written determination by the director of finance that such appropriations are necessary; and (2) Passage of an appropriations ordinance by two - thirds vote of the council. Section 2 -223. [Prohibition-.] Prohibitions. Appropriations from the budget stabilization fund to fund the acquisition, construction or alteration of a facility as part of a general capital improvement program or balance the budget for an upcoming year shall be prohibited. Section 2- 223.1. Dissolution of the fund. The budget stabilization fund shall not be dissolved unless such dissolution is approved by the finance director and a two - thirds vote of the County council." SECTION 3. Severability. If any provision of this ordinance or the application thereof to any person or circumstance, is held invalid, such invalidity does not affect other provisions or applications of the ordinance which can be given effect without the invalid provision or application, and to this end, the provisions of this ordinance are to be severable. 2