HomeMy WebLinkAboutOrdinances 19-04-391 - 04/08/2019 - Revise Budgetary Policy - Budget Stabilization1
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STATE OF GEORGIA
COUNTY OF FULTON
ORDINANCE NO. 19-04-391
AN ORDINANCE TO AMEND CHAPTER 2, ARTICLE VI, DIVISION 3 TO REVISE
THE CITY'S BUDGETARY POLICY REGARDING BUDGET STABILIZATION
RESOURCES AND UTILIZATION OF PRIOR YEAR'S FUND BALANCE
The Council of the City of Milton hereby ordains, while in regularly called Council meeting on
the 8th day of April, 2019 at 6:00 p.m., as follows:
WHEREAS, the City has adopted a formal Budgetary Policy, codified at Chapter 2, Article VI,
Division 3 of the City's Code of Ordinances; and,
WHEREAS, the City desires to revise its Budgetary Policy to modify language that conflicted
with the Fund Balance Policy;
NOW THEREFORE, THE COUNCIL OF THE CITY OF MILTON HEREBY ORDAINS
as follows:
1. That Chapter 2, Article VI, Division 3, Sec. 2-345 (e) of The Code of the City of Milton,
Georgia, is hereby amended by incorporating the insertions and deletions shown in the document
attached hereto and incorporated herein by reference as "Exhibit A."
2. That all Ordinances, parts of Ordinances, or regulations in conflict herewith are hereby
repealed.
3. That this Ordinance shall become effective upon its adoption.
SO ORDAINED this 8th day of April 2019.
Attest:
�m6fvk
Sudie Gordon, City C erk
Approved:
Joe Lockwood,
EXHIBIT A
REDLINED VERSION
Article VI, Division 3, Sec. 2-345 (e)
(7) Budget stabilization resources.
a. The city shall establish
h„r,, ,so Of .,. ,,' ;^rt eapi*a' iss *:adequate fund balances and reserves according to the city's fund
balance policy (see Division 13 of this Article).
2Cover shet4falls c-aused byTevenue deelines; and
This r-eseiwe shall aeeumulate and then be maintained at an amount, which fepfesefAs He less
(8) Utilization ofprior year's fund balance in budget. If necessary, the city may use the f
balanee in exeess of the reserve fer- working -eapital (see subseetien (e)(7) of this su lus
fund balance as a funding source in any given year. The amount of
ed-su lus fund balance shall be estimated conservatively, taking into consideration the
future year's needs. The minimu0 0 o„t for the ro 0 e for- wer-king e pit l equal t two
Fnenths of opefating and debt expenditures, Fatist first be met before utili-i - " S fund
balanee as a funding sour-ee for- the budget. The utilization of fund balance shall be deemed a use
of one-time revenues for budgeting purposes.
CLEAN VERSION
Article VI, Division 3, Sec. 2-345 (e)
(7) Budget stabilization resources.
a. The city shall establish adequate fund balances and reserves according to the city's fund
balance policy (see Division 13 of this Article).
(8) Utilization of prior year's fund balance in budget. If necessary, the city may use the surplus
fund balance as a funding source in any given year. The amount of surplus fund balance shall be
estimated conservatively, taking into consideration the future year's needs. The utilization of
fund balance shall be deemed a use of one-time revenues for budgeting purposes.