§ 7.5. Allocations to the economic stabilization reserve.

If the City Treasurer projects that total General Fund revenues for the upcoming budget year will exceed the total General Fund revenues for the current budget year by more than four percent (4%), the budget submitted by the Mayor and approved by the City Council shall allocate the excess General Fund revenues as follows:

A.

Fifty percent (50%) of the excess General Fund revenues to the Economic Stabilization Reserve;

B.

Twenty-five percent (25%) of the excess General Fund revenues may be allocated in whole or in part to capital, other one-time expenditures, or the operating reserve; and,

C.

Twenty-five percent (25%) of the excess General Fund revenues may be allocated for general use consistent with lawful municipal purposes.

The Mayor and the City Council may, at any time, authorize any other available monies to be added to the Economic Stabilization Reserve; however, total monies in the Economic Stabilization Reserve shall not exceed thirty percent (30%) of actual total General Fund revenues, as stated in the City's most recent independent annual audit. The budget submitted by the Mayor and approved by the City Council shall allocate excess revenues that would otherwise be allocated to the Economic Stabilization Reserve above the thirty percent (30%) cap instead to capital, other one-time expenditures, or the operating reserve in accordance with the provisions of Section 7.5(B).

See note following Section 7.10.