§ 2-233. Contribution to general fund capital improvement fund.

At the end of each fiscal year, if the balance in the general fund capital improvement fund is less than $250,000.00, the City Council shall transfer funds from general fund cash carryover for the fiscal year to said capital improvement fund, as called for in this provision. The amount which is required to be transferred shall be equal to the amount needed to increase the balance of the general fund capital improvement fund to $250,000.00; however said required annual transfer amount shall be the lesser of $100,000.00, or 50 percent of the available general fund cash carryover balance. Nothing in this provision shall prohibit the City Council from making contributions to said general fund capital improvement fund in an amount which exceeds $100,000.00 per year, or in an amount which increases the fund balance beyond $250,000.00.

(Ord. No. 1301 , § 1, 2-9-16)