§ 10-8-101. REVENUE STABILIZATION RESERVE ACCOUNT.

(a)

Established. There is a Revenue Stabilization Reserve Account within the general fund.

(b)

Not subject to lapse provisions. The Revenue Stabilization Reserve Account is not subject to the lapse provisions of § 713 of the Charter.

(c)

Minimum level.

(1)

There is established a minimum level of reserves in the account equal to 7% of the budgeted general fund revenue for the current fiscal year.

(2)

Funds in the account may not remain at 7% for more than two (2) consecutive fiscal years.

(d)

Transfer to the account.

(1)

(i)

The Director of Budget and Finance shall transfer to the account any unreserved and unexpended revenue existing at the close of the fiscal year.

(ii)

The amount to be transferred shall be made on or before September 30 following the fiscal year for which the transfer is made.

(2)

If the balance in the Account is equal to 10% or greater of the budgeted general fund revenue for the current fiscal year, the Director may transfer funds to the Account with the approval of the County Executive and the County Council.

(3)

Notwithstanding paragraph (2) of this subsection, interest or other income from investment of the Revenue Stabilization Reserve Account, or any portion of the Account, shall be credited to the Account at the close of each fiscal year prior to any transfer under paragraph (2) of this subsection.

(e)

Deficit.

(1)

In this subsection, "deficit" means that funds available for expenditure in the general fund during a fiscal year were less than the actual expenditures incurred for that year.

(2)

If a deficit exists in the general fund at the close of any fiscal year, the Director of Budget and Finance shall notify the County Executive and the County Council of the deficit and shall request that sufficient funds, to the extent available, be transferred from the Account to eliminate the deficit.

(3)

If the County Executive and the County Council approve the transfer, the Director of Budget and Finance shall transfer the sum approved to the appropriate general fund revenue account.

(4)

The transferred sum may not exceed the amount of the deficit.

(f)

Other uses. Funds in the account may not be used for any other purpose except upon a specific written recommendation of the County Executive and the approval of a majority plus one of the County Council.

(1988 Code, § 15-287) (Bill No. 49-96, § 9, 7-1-1996; Bill No. 83-00, § 2, 7-1-2004; Bill No. 45-01, § 1, 6-22-2001; Bill No. 72-03, § 17, 7-1-2004; Bill No. 75-06, § 1, 7-1-2006; Bill No. 77-15, § 2, 11-4-2015 ; Bill No. 35-18 , § 1, 7-1-2018)