Skip to main content
Loading…
This section is included in your selections.

Each year, after the acceptance of the audit by the audit committee, if the approved budgeted contribution to the capital improvement program and maintenance reserve was less than 10 percent of the approved budgeted areawide tax revenue (excluding penalties and interest and prior years’ delinquent taxes), any increase in the general fund unassigned fund balance shall be transferred to the capital improvement program and maintenance reserve to equal 10 percent of the approved budgeted areawide tax revenue (excluding penalties and interest and prior years’ delinquent taxes). The increase in the general fund unassigned fund balance is on a generally accepted accounting principles (GAAP) basis. Any such transfer shall not exceed the increase in the general fund unassigned fund balance. Any approved budgeted contribution to fund balance shall not be included in the calculation of the GAAP-basis increase in the general fund unassigned fund balance. Furthermore, the amount of the transfer shall be capped, if necessary, for the borough to remain in compliance with its most recently adopted fiscal policy related to the minimum level of general fund unassigned fund balance. Within 30 days of any transfer, the mayor shall notify the assembly of the date and amount of the transfer. (Ord. 2021-14 § 7, 2021.)