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HomeMy WebLinkAbout2004-OR-09Ordinance 2004-OR- 9 An Ordinance Establishing a City of Jeffersonville Rainy Day Fund Whereas, Indiana Public Law 251-2001 permits a local subdivision to establish a Rainy Day Fund, and Whereas, it is in the public interest to establish and make available to the City such a fund, and Whereas, the Common Council of the City of Jeffersonville desires to establish such a fund. Now Therefore, Be It Ordained by the Common Council of the City of Jeffersonville, Indiana as follows: Section I: Section I1: Section II1: The foregoing Recitals are fully incorporated herein by this reference. The "City of Jeffersonville Rainy Day Fund" should be and is hereby established in accordance with Indiana Public Law 251-2001. The City of Jeffersonville Rainy Day Fund A) There is hereby established a City of Jeffersonville Rainy Day Fund. B) The Fund shall consist solely of unused and unencumbered balances in other City funds of monies that are received by the City as a result of a general or special tax levy on taxable property located within the City, and that are transferred to the City of Jeffersonville Rainy Day Fund. c) The monies transferred by the City into the fund during any fiscal year shall not exceed ten percent (10%) of the City's budget for that fiscal year. D) All monies transferred by the City to or from the Fund shall be transferred pursuant to a Common Council resolution. Section IV: If any part of this Ordinance is for any reason declared to be unconstitutional or invalid, such decision shall not affect the validity of the remaining portions of this Ordinance so long as enforcement of same can be given the same effect. This Ordinance shall be in full force and effect from and after its passage and approval. Passed this ~..'Z, day of f'~0 Robert L Waiz,/~r., Presiding Officer ATTEST: ggy~-~V~der, Cler~-Treasurer Presented by me as Clerk and Treasurer to the Mayor of the City of Jeffersonville this ~_..~ day of ~ ~¢0 ,o-~ , 2004 at ~ o'clock ~ .m. This Ordinance approved and signed by me th~/~/'//~/'7, 2004 Robert"[. Wai~, Jr., Mayor RAINY DAY FUND 22-1 SCOPE The purpose of this special revenue fund is to account for transfers of unused and unencumbered funds under lC 36-1-8-5. C 36-1-6-5(b) states that whenever the purposes of a tax levy have been fulfilled and an unused and unencumbered balance remains in the fund, the fiscal body of the city or town shall order the balance of the fund to be transferred to the general fund or rainy day fund of the municipality, as provided in lC 36`1-8-5.1, unless a statute provides that it be transferred otherwise. In any fiscal year a city or town may transfer not more the ten percent (10%) of the city or town's annual budget for that fiscal year to the rainy day fund. The fund should be established by ordinance and the ordinance should state the purposes and sources of funding for the fund (lC 36-1-6`5). TraesfersJo;~he raln~j day.[und must be made after the last day of the year and before March I of the subsequent calendar year. (lC 36-1-6-5.1) Supplemental distributions of CAGIT under lC 6-3.5-1.1-21-1, COlT under lC 6-3.5-6-17.3, and CEDIT under lC 6-3.6-7-t7.3 must also be deposited in the rainy day fund. ~RECEIPTS 360 Miscellaneous Revenues 361 thtarest or Investments 390 Other Financing Sources 391 Interfund Operating Transfers 395 Sale of Investments DISBURSEMENTS The fiscal body should determine by ordinance the use of the fund which could be for any purpose perm~ed by state statutes for other revenues of the city or town. APPROPRIATIONS The rainy day fund is subjec~ to the same appropriation process as other funds that receive tax money. The Department of Local Government Finance may not reduce, the actual or maximum permms~ble levy of a city or town as a result of a balance on the rainy day fund.