Title
An Ordinance repealing Ordinance No. 78-2006 pertaining to the Economic Contingency Designation Policy and replacing it with a Contingency Designation Fund and Policy, which includes a funding goal of ten percent (10%) of General Fund revenues and procedures related to depositing and withdrawing of monies into and from the fund. [Council Office, Maynard]
Body
WHEREAS, the Lexington-Fayette Urban County Government previously adopted an Economic Contingency Designation Policy which was most recently amended in Lexington-Fayette Urban County Government Ordinance No. 78-2006; and
WHEREAS the Urban County Council desires to modify and replace that policy with a new Contingency Designation Fund and Policy.
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Section 1 - That Lexington-Fayette Urban County Government Ordinance No.78-2006 be and hereby is repealed and replaced in its entirety with this ordinance.
Section 2 - That the following policy relating to the Lexington-Fayette Urban County Government General Services District Fund, be and hereby is approved and adopted:
1. That as of the effective date of this ordinance, the Existing Economic Contingency Designation shall be renamed as the Contingency Designation Fund (the "Contingency Fund") 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 $50,000.00 will be required each fiscal year unless the ten percent (10%) funding goal has been met. In...
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