Comm No 0015.03 - Testimony - Art I - XVI - General Discussion - Proposed Amendments

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(c) The policy for this fund is to accumulate over time a targeted amount of $30,000,000. This targeted amount shall not include the fund balance. (d) In adopting each fiscal year's operating budget, the county council shall appropriate a minimum of $2,000,000 of the certified real property tax revenues received in the fiscal year, including penalty and interest, to the fund. (1) Once the fund reaches its targeted amount, only the annual monies from certified real property tax revenues including penalty and interest may be temporarily suspended for that fiscal year. If any other monies are received as grants or from any other source to repay this fund, those additional monies shall continue to be deposited. (2) If the fund drops below its targeted amount either: (A) the full $2,000,000 from the certified real property taxes shall be deposited annually in the fund until it reaches $30,000,000 per (c) above, or (B) if only a partial annual deposit of real property tax revenue is necessary to bring the fund to its targeted amount then the appropriate but smaller amount of money shall be deposited until the targeted amount is reached. (3) This policy does not preclude the use of the funds for any reason listed in section (b) above even if the targeted amount is not met. (4) The targeted amount may be increased by each successive charter commission or the county council and becomes effective with a simple majority of the voters voting in the election in which such a charter amendment is on the ballot. (e) Deposits to the fund from certified real property tax revenue shall occur, at a minimum, on a quarterly basis. (f) This 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. The director's decision must be in writing to the county council and an appropriations ordinance must be passed by a two-thirds majority vote of the council. (g) Appropriations from this fund for acquisition, construction or alteration of a facility as part of a general capital improvement program or to balance the budget for an upcoming year shall be prohibited. (h) To increase fund transparency to the public and the county council, there shall be line items placed in the revenue and expenditure sections of the budget identified as the budget stabilization fund to indicate how the monies of the fund are received and expended. (1) Revenue funds shall be identified by subcategories indicating the individual funding sources. (2) Expended funds shall be identified by subcategories indicating how and on what monies from this fund were used.