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00",,. <br />S*w <br />CITY OF NORTH OLMSTED <br />ORDINANCE NO. 2000-61 <br />BY: MAYOR MUSIAL <br />AN ORDINANCE CREATING A RESERVE BALANCE ACCOUNT IN THE GENERAL <br />FUND FOR THE PURPOSE OF BUDGET STABILIZATION AND DECLARING AN <br />EMERGENCY. <br />WHEREAS, the Director of Finance recommends a budget stabilization vehicle be <br />created for financial planning purposes to stabilize the city's budget against cyclical changes in <br />revenues and expenditures. <br />WHEREAS, the Ohio Revised Cade §5705.13 permits the establishment of reserve <br />balance accounts for the purpose of budget stabilization. <br />NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF <br />NORTH OLMSTED, CUYAHOGA COUNTYAND STATE OF OHIO: <br />SECTION 1: That the reserve balance account be created within the General Fund for <br />purposes of budget stabilization. <br />SECTION 2: That the amount reserved in the account may not exceed 5% of the <br />General fund's revenue for the preceding year. <br />SECTION 3: That the reserve balance is not to be considered part of the unencumbered <br />balance when the Director of Finance certifies available balances at year-end. <br />SECTION 4: That Council has the authority to appropriate expenditures out of the <br />account, as in all accounts, as long as they consider it meets the criteria of stated purposes. <br />SECTION 5: That this Ordinance is hereby declared to be an emergency measure <br />immediately necessary for the preservation of the public health, safety and welfare, and for the <br />further reason it is financially imperative that the fund be created immediately, and further <br />provided it receives the affirmative vote of two-thirds of all members of Council, it shall take <br />effect and be in force immediately upon its passage and approval by the Mayor. <br />? <br />PASSED: First Reading: _ -5-//6 <br />? Second Reading: G 4, o o <br />Third Reading: <br />Committee: <br />AT <br />? <br />(B-A? L.SEMAN <br />k of Council <br />APPROVED: .21 <br />MAYOR NORMAN T. MUSIAL <br />--,? ---- <br />g"Y._ <br />JA T A. SARINGER <br />President of Council <br />APPROVED AS TO LEGAL FORM.• <br />Reviewed bv Law DWartment 511612000 <br />MICHAEL R. GAREA U <br />Director of Law <br />