We are proud to announce that our work to build up the Emergency Reserve Fund has been a success over the past 12 years. In 2010, the Fund was less than $300 – today, it holds nearly $2 million! That’s an increase of more than 786%! This Fund holds reserves for emergency purposes.
Below is the fiscal policy surrounding the Emergency Reserve Fund.
EMERGENCY RESERVE FOR PUBLIC FACILITIES AND PROGRAMS FUND
(a) Effective January 1, 1996, and each year thereafter, at least two percent of the actual net income tax receipts from the immediately completed fiscal year shall be placed and maintained in the Emergency Reserve for Public Facilities and Programs Fund. Annual contributions shall be made until the maximum of one million dollars ($2,000,000) is reached. The Fund will receive credit for interest income earned on the Fund balance. Once the maximum amount is reached the Fund balance will only increase by the amount of annual interest earned on the balance.
(b) Funds in the Emergency Reserve for Public Facilities and Programs Fund can only be appropriated and disbursed upon the recommendation of the Mayor and the Finance Director and upon a majority vote of seven members of Council.
(Ord. 175-1995. Passed 11-27-95.)
Have questions about the Emergency Reserve Fund, or something else to bring up to the Mayor? Email us at mayor@cityofbarberton.com
