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(i) This fund shall not be dissolved since it protects the county from financial disaster <br />and protects its credit rating. <br />RAF171 <br />:i <br />H ASI"UNIY. (I,1301 <br />Purpose. The purpose for the removal of the budget stabilization fund from the Hawaii <br />County Code is to place similar information in the Hawaii County Charter in order to <br />mandate the deposit of the annual targeted percentage of funds to be held in reserve but <br />allow the funds to be used during temporary financial hardships. Therefore, Article 43. <br />Budget Stabilization Fund is repealed. <br />HAWAII COUNTY CODE <br />CHAPTER 2 <br />ADMINISTRATION <br />ARTICLE X <br />Scction 2 219. Creation of fund; purpose. <br />(a) Pursuant to flection 10 12, Hawaii County Charter 2000, a Upccial fund to be known <br />as the budgct stabilization fund is created. <br />(b) The purpooe of the budgct Utabilization fund Uhall be a temporary, Uupplcmcntal <br />urcc f fundo f r the C unty t uUc during timed f financial hardohipo while a plan f r <br />cost rcduction or rcvcnuc enhancement is developed. Additionally, the fund may be uUcd to <br />(1) Revenue shortfalls to minimize the nccd for budgct cuts or tax incrcaUcs; <br />(2) A rcvcnuc rcduction due to a change in state or federal legislation; or <br />(3) Slower rcvcnuc growth that typically occurs during an economic recession. <br />Scction 2 220. Funding. <br />(a) Each fiUcal year, the minimum amount transferred into the budgct and stabilization <br />fund shall be $250,000. <br />(b) The council hereby eotablioheo a policy to accumulate between five to fifteen percent <br />f the general fund t tal cxpcnditureo baUcd n a c mbinati n f the fund balance and the <br />listed in flection 2 219 cvcn if the targeted percentage is not met. <br />Scction 2 221. Expenditures. <br />