03-14 Est. Sec 129.60 Budget Reserve Account

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PLACED ON 1ST READING & REFERRED TO THE FINANCE COMMITTEE 2 /18/14. PLACED ON 2ND READING 3/3/14. ORDINANCENO. 3 -14 BY: Anderson, Bullock, Suris, Madigan, Marx, Nowlin, O'Leary. AN ORDINANCE to take effect immediately provided it receives the affirmative vote of at least five members of Council, or otherwise to take effect and be in force after the earliest pe- riod allowed by law, establishing new Section 129.60, Budget Reserve Account, within the Codi- fied Ordinances of the City of Lakewood for the purpose of establishing such account within the General Fund pursuant to Ohio Revised Code § 5705.13(A)(1). WHEREAS, the establishment of a reserve balance account will allow the accumulation of currently available resources for the purpose of stabilizing the City's budgets against cyclical changes in revenues and expenditures; and WHEREAS, Article 18, Section 3 of the Constitution of the State of Ohio permits munic- ipalities to exercise all powers of local self - government and to adopt and enforce within their limits such as local police, sanitary and other regulations as are not in conflict with general laws; and WHEREAS, this Council by a vote of at least five of its members determines that this ordinance is an emergency measure, and that this ordinance shall take effect at the earliest date possible as set forth in Article III, Sections 10 and 13 of the Second Amended Charter of the City of Lakewood, and that it is necessary for the immediate preservation of the public peace, proper- ty, health and safety, and to provide for the usual daily operation of municipal departments in that this fund should be established immediately so that funding can occur; now, therefore, BE IT ORDAINED BY THE CITY OF LAKEWOOD, OHIO: Section 1. New Section 129.60, Budget Reserve Account, of the Codified Ordinances of the City of Lakewood is hereby established to read as follows: 129.60 BUDGET RESERVE ACCOUNT (a) There is hereby created a Budget Reserve Account within the General Fund pursuant to the authority granted in Ohio Revised Code § 5705.13. This ac- count shall be used to accumulate available resources in the event the City experiences a decline in revenue and/or an increase in expenditures in the General Fund in the future. (b) The Director of Finance shall set aside no more than five percent of the rev- enue credited in the preceding fiscal year in the General Fund. Any reserve balance in the account shall not be considered part of the unencumbered balance or revenue of the City. (c) In the event the City can no longer make payments out of the General Fund, the Director of Finance shall make payments from said specific account. At any time, Council, by resolution or ordinance, can eliminate or reduce the account and any fiords remaining will become part of the General Fetid un- encumbered fiord balance.