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RESOLUTION NO. 2007 R -7
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF JEFFERSONVILLE
INDIANA, DIRECTING DISTRIBUTION OF SUPPLEMENTAL REVENUES
WHEREAS, the Common Council of the City of Jeffersonville, Indiana, IS the
legislative and fiscal body for the City of Jeffersonville, Indian and;
WHEREAS, the City of Jeffersonville recently received supplemental revenues from the
Stat of Indiana from County Adjusted Gross Income Tax (CAGIT) settlement in the
amount of$2,129,531, and;
WHEREAS, the City of Jeffersonville recently received supplemental revenues from the
State of Indiana from County Economic Development Income Tax (CEDIT) settlement in
the amount of$1,129,543, and;
WHEREAS, the supplemental revenues from distributions of CAGIT under IC 6-3,5-
1.1-21.1 and CEDIT under IC 6-3.5-7-17.3 must be deposited into a City of Jeffersonville
"Rainy Day Fund"; and
WHEREAS, the City of Jeffersonville does have a "Rainy Day Fund" in accordance
with Ordinance 2004-0R-9, and;
WHEREAS, future revenues from residential property taxes collected by the City of
Jeffersonville, may be reduced by Indiana HEA, 1001 (2006) effective for pay 2009
taxes, and;
WHEREAS, the "Rainy Day Fund" for the City of Jeffersonville does not have adequate
revenues or funds to maintain services during periods of reduced revenues and extreme
expenses.
NOW, THEREFORE, BE IT RESOLVED:
SECTION 1 - That the City of Jeffersonville shall maintain at all times a minimum
amount in the "Rainy Day Fund" equal to 10% (ten per cent) of the Department of Local
Government Finance approved annual budget for the City of Jeffersonville and;
SECTION 2 - That the City of Jeffersonville "Rainy Day Fund" hereby deposit into the
Jeffersonville City Hall Building Authority Reserve Non-Reverting Fund the amount of
$100,000 for expenses related to capital improvements to the Jeffersonville City Hall
and;
SECTION 3 - That the City of Jeffersonville "Rainy Day Fund" hereby deposit the
amount of $100,000 into the Jeffersonville City Council Special Projects Appropriation
for the year 2007.
Passed and adopted this 2le day of
ssage and approval.
This Resolution shall be in full force and effect fro
ATTEST:
~~
Peggy W~lerk Treasurer
Presented by me as Clerk Treasurer to the Mayor this23- day of00.h
, 2007.
.dl..tJl
, Clerk Treasurer
of 1Yl1lf' (A ,2007.
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