HomeMy WebLinkAboutD-2461-19 Ordinance Mandates a Minimum Balance be Maintained in the Rainy Day Fund Sponsors: Councilors Worrell, Finkam,
Rider, Carter, Campbell, Green,Kimball
ORDINANCE D-2461-19
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF
CARMEL, INDIANA, AMENDING CHAPTER 2, ARTICLE 4, SECTION 2-110
(RAINY DAY FUND #912) OF THE CARMEL CITY CODE.
Synopsis:
This Ordinance mandates a minimum balance be maintained in the Rainy Day Fund
(Fund 912) based on the City's budget while allowing the Council flexibility to use the
Fund as deemed necessary with a two-thirds majority vote.
WHEREAS, Indiana Code IC 36-1-8-5.1 permits a political subdivision to
establish a"Rainy Day Fund"; and
WHEREAS, such a Fund was established by Ordinance No. D-1535-01 approved
by the Mayor on September 19, 2001 and Amended by Ordinance D-2115-12 approved
by the Mayor on November 19, 2012; and
WHEREAS, the Common Council of the City of Carmel as the duly elected
fiscal body for the City of Carmel in the interest of prudent fiscal management desires to
mandate a minimum balance in the Fund based on the City's budget, without
compromising the ability to use the Fund as it deems necessary to meet the City's needs.
NOW,THEREFORE, BE IT ORDAINED by the Common Council of the City
of Carmel, Indiana, as follows:
Section I. The foregoing Recitals are fully incorporated herein by this reference.
Section II. Chapter 2, Article 4, Section 2-110 of the Carmel City Code is hereby
amended and shall read as follows:
"Sec.2-110 The City of Carmel Rainy Day Fund#912.
(a) The Fund shall consist of unused and unencumbered balances or any otter
funding source approved by I.C., 36-1-8-5 uv�(e5 5 044 r ' t 5'"'� /9 ��d1 cl 0�
! C ti'frt( C f-( COX,.
.
(b) The monies transferred by the City into the Fund shall not exceed 10% of
the City's total annual budget for that fiscal year.
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Prepared by: Bryce H.Bennett,Jr.
Riley Bennett Egloff LLP
141 E.Washington Street
Indianapolis,IN 46204
(c) All monies transferred by the City to or from the Fund shall be transferred
pursuant to a Common Council resolution to be made at any time during the year.
(d) On January 1st of 2020 and on January 1st of each year thereafter, the Fund
balance must be equal to or greater than 10% of the City's annual General Fund
budget passed in the prior year.
(e) Nothing in this Section 2-110 shall prevent the Common Council from
transferring monies from the Fund as it deems necessary in a resolution passed by
the Common Council with a two-thirds majority voting in the affirmative."
Section III. All prior ordinances or parts thereof inconsistent with any provision
of this Ordinance are hereby repealed as of the effective date of this Ordinance.
Section IV. If any portion of this Ordinance is for any reason declared to be
unconstitutional or invalid, such decision shall not affect the validity of the remaining
portions of this Ordinance so long as enforcement of same can be given the same effect.
Section V. This Ordinance shall be in full force and effect from and after its
passage and signing by the Mayor and such publication as is required by law.
OPTED by the Common Council of the City of Carmel, Indiana this JI
day ofP ( '1 ,20/ t, by a vote of -7 ayes and (7 nayes.
COM COUNCIL FOR THE CITY OF EL
Jeff , Presi nt Kevin D 'der
S Fi am Anthon Gre
Bruce Kimball nald E. Carter
LtjA
aura pbell,Vice Presid nt
TE :/
'stine S. P uley, Clerk-Treasur
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Prepared by: Bryce H.Bennett,Jr.
Riley Bennett Egloff LLP
141 E.Washington Street
Indianapolis,IN 46204
P esentePd by me to the Mayo of e City of Carmel, ndiana this �t �ay of
� � ( , 2011 , at °I 0 f M.
' tine S. Paul , Jerk-Treasure
Approved by vie, Mayor of the City of Carmel, Indiana this /U d of/ ,
20 at / 4-° M. !�
es Brainard,Mayor
ATTES .
Christine S. Pauley, C,l&k-Treasurer
j
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Prepared by: Bryce H.Bennett,Jr.
Riley Bennett Eg1off LLP
141 E.Washington Street
Indianapolis,IN 46204