HomeMy Public PortalAbout023-2012 - Special Ordinance - allowing deposiORDINANCE 23-2012
A SPECIAL ORDINANCE ALLOWING DEPOSITS TO THE "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, excess amounts accumulated from the County
Adjusted Gross Income Tax (CAGIT) and the County Economic Development
Income Tax (CEDIT), and any other funding source specified in an ordinance and
adopted under this section; and
WHEREAS, The City of Richmond established a "Rainy Day Fund" on May 17th, 2004; and
WHEREAS, On April 5th, 2012, the State of Indiana Office of Management and Budget
announced that an error had been made in the distribution of income tax
beginning in January of 2011 and, as a result, there would be a "make up"
distribution of CAGIT of $266,791.09 and CEDIT of $60,044.02; and
WHEREAS, The Common Council of Richmond, Indiana desires to deposit the "make up"
distribution of income tax to the City's "Rainy Day Fund".
NOW THEREFORE, be it ordained by the Common Council of the City of Richmond, Indiana,
as follows:
1. The "make up" distribution of CAGIT and CEDIT shall be deposited into the City's
"Rainy Day Fund".
2. 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.
Passed and adopted this _7th day of _May2012, by the Common Council of the City
of Richmond, Indiana.
S/S Philip Mathew Quinn President
Philip Mathew Quinn, President
ATTEST: S/S Karen Chasteen , City Clerk
(Karen Chasteen, IAMC, MMC)
PRESENTED to the Mayor of the City of Richmond, Indiana, this _8th _ day of _May ,
2012, at 9:00 a.m.
S/S Karen Chasteen , City Clerk
(Karen Chasteen, IAMC, MMC)
APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this _8th day
of _May , 2012, at 9:05 a.m.
S/S Sarah L. Hutton Mayor
(Sarah L. Hutton)
ATTEST: S/S Karen Chasteen , City Clerk
(Karen Chasteen, IAMC, MMC)