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AN ORDINANCE AMENDING ORDINANCE NO. 92-96 (ADOPTED 1-13-1997), ORDINANCE NO. 16-049 (ADOPTED 11-28-2016), AND RESOLUTION NO. 12-001 (ADOPTED 2-27-2012) THEREBY SETTING FORTH THE TARGET FUND BALANCE FOR THE RAINY DAY FUND AND/OR MODIFYING THE REVENUE SOURCES THAT MAY BE UTILIZED TO REPLENISH SAID FUND AND THE DECLARATION OF EMERGENCY
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WHEREAS, the City Council previously passed Ordinance No. 92-96 (adopted 1-13-1997) which established the City's Rainy Day Fund, Ordinance No. 16-046 (adopted 11-28-2016) and Resolution No. 12-001 (adopted 2-27-2012) which together set the target cash fund balance for said fund, to have a revenue source in place for unforeseen emergencies or revenue shortfalls; and,
WHEREAS, Council wishes to clarify the current target fund balance and/or modify the particular revenue sources that may be utilized to replenish said Fund.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GROVEPORT, FRANKLIN COUNTY, OHIO, A MAJORITY OF ITS MEMBERS CONCURRING:
Section 1: That as referenced in Ordinance No. 16-049 the target fund balance for the Rainy Day Fund shall be $2,000,000.
Section 2: That funds to be receipted into the Rainy Day Fund shall consist of the following: 1) annual transfer of $150,000 to said fund from income tax revenues; 2) transfers from the City's operating General Fund; 3) such other funds as designated by City Council.
Section 3: That any and all appropriations from said Rainy Day Fund for future unforeseen emergencies or revenue shortfalls shall require approval from City Council.
Section 4: That this Ordinance be deemed an emergency measure necessary for the preservation of the health, safety and general welfare of the community to the extent that this legislation must be enacted in a timely fashion so that the Finance Department can immediately transfer from the stated revenue sources to assure that the City's Rainy Day Fund is properly replenished and/or maintained at the amount established by Coun...
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