HomeMy Public PortalAbout025-2004 - Special - Rainy Day Fund - AmendedORDINANCE 25-2004
AN AMENDED SPECIAL ORDINANCE ESTABLISHING A "RAINY DAY FUND"
WHEREAS, Indiana Code § 36-1-8-5 permits the establishment of a "Rainy Day Fund" for the
purpose of receiving transfers of unused and unencumbered funds raised by general or special
tax levies; in particular excess amounts accumulated from the County Adjusted Gross Income
Tax, and the Economic Development Income Tax.
WHEREAS, on February 12, 2004, the City of Richmond received a supplemental distribution
of County Adjusted Gross Income Tax in the sum of Four Hundred Two Thousand Four
Hundred Eighty-nine Dollars ($402,489.00) and further received a supplemental distribution of
County Economic Development Income Tax in the sum of Two Hundred Sixty-seven Thousand
Two Hundred Ninety-nine Dollars and Thirty-nine Cents ($267,299.39) for a total distribution of
Six Hundred Sixty-nine Thousand Seven Hundred Eighty-eight Dollars and Thirty-nine Cents
($669,788.39).
WHEREAS, it is necessary to create a "Rainy Day Fund" to receive the above distributions and
any like distribution that may occur in the future.
NOW THEREFORE, be it ordained by the Common Council of the City of Richmond, Indiana,
as follows:
A "Rainy Day Fund" is hereby established.
2. The "Rainy Day Fund" shall receive transfers of unused and unencumbered funds from
general or special tax levies and supplemental distributions from the County Adjusted
Gross Income Tax, the County Option Income Tax and the County Economic
Development Income Tax. Furthermore, Common Council may designate funds from
other sources to be deposited in the "Rainy Day Fund", provided that no more than ten
percent (10%) of the City's annual budget may be transferred to the "Rainy Day Fund"
during any fiscal year.
3. Monies deposited in the "Rainy Day Fund" may be appropriated for any use or purpose
for which monies from the General Fund, the County Adjusted Gross Income Tax, the
County Option Income Tax and the County Economic Development Income Tax may be
expended.
4. The "Rainy Day Fund" is subject to the same appropriation process as other funds that
receive tax money. Before making an appropriation, the Common Council shall make a
finding that the proposed use of the "Rainy Day Fund" is consistent with the intent of the
fund.
Interest earned on monies deposited in the "Rainy Day Fund" shall be retained by said
Fund.
6. The Office of Controller of the City of Richmond shall maintain, as best as possible,
separate line items and accounting of the EDIT monies and other monies received in
Rainy Day Fund and for interest earnings on the EDIT money.
Passed and Adopted this 17th day of May , 2004, by the Common
Council of the City of Richmond, Indiana.
S/S Larry Parker President
(Larry Parker)
Attest: S/S Karen Chasteen City Clerk
(Karen Chasteen)
Presented to the Mayor of the City of Richmond, Indiana, this 18th day of May
2004 at 9:00 A.M..
S/S Karen Chasteen City Clerk
(Karen Chasteen)
Approved by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this 18th day of
May , 2004 at 9:05 A.M.
S/S Sarah L. Hutton Mayor
(Sarah L. Hutton)
Attest: S/S Karen Chasteen City Clerk
(Karen Chasteen)