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An Ordinance amending and restating Ordinance No. 50-2016 pertaining to the Contingency Designation Fund and Policy, to increase the amount of the required monthly deposit to $75,000 and to include a potential additional annual deposit in the event a fund balance exists. [Council Office, Hall]
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WHEREAS, the Lexington-Fayette Urban County Government's Contingency Designation Fund and Policy (previously the Economic Contingency Fund) was restated in Lexington-Fayette Urban County Government Ordinance No. 50-2016; and
WHEREAS the Urban County Council desires to amend that policy to provide for additional and potential additional deposits or contributions.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That Lexington-Fayette Urban County Government Ordinance No. 50-2016 pertaining to the Contingency Designation Fund and Policy be and hereby is amended and restated to read as follows:
1. That the Contingency Designation Fund and Policy (the "Contingency Fund") exists in order to provide the Lexington-Fayette Urban County Government with sufficient working capital and an ability to address emergencies without borrowing.
2. The Contingency Fund shall maintain a funding goal of ten percent (10%) of the previous year's total General Fund Revenues.
3. Interest earned on monies in the Contingency Fund will accrue to the fund.
4. Other reasonable funding possibilities shall be pursued prior to the withdrawal of any monies from the Contingency Fund.
5. A monthly deposit in the amount of seventy-five thousand dollars ($75,000) will be required each fiscal year unless the ten percent (10%) funding goal has been met. In the event funds are withdrawn for revenue stabilization proposes, deposits for that fiscal year May be suspended.
6. Each year, the Department of Finance will report to the Budget, Finance, and Economic Development Committee the dollar amount that ...
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