25LINKBUDGET(FULL) - Flipbook - Page 149
BUDGET STABILIZATION FUND
City of Plymouth Code Title I, Chapter 9
Section 1: Fund Created
Pursuant to Public Act 30 of 1978, as amended, the City of Plymouth Budget Stabilization Fund is hereby created and hereinafter
is referred to as "the Fund".
Section 2: Appropriations to Fund
Each fiscal year, beginning with the 1992-93 fiscal year, the City Manager shall submit to the City Commission a Budget
Stabilization Fund Report showing the present balance of the Fund, the maximum amount of money which may legally be in the
Fund, the previous fiscal year's General Fund Balance, and a recommendation as to the amount of surplus, if any, which should be
appropriated to the Fund. The City Commission may appropriate all or part of the General Fund surplus to the Fund by resolution,
adopted by a two-thirds (2/3) vote, subject to the limitations provided herein.
Section 3: Limitations
The Fund shall be subject to the following limitations:
a)
Additional taxes shall not be imposed for the purpose of creating a surplus for appropriation to the Fund.
b)
The money in the Fund shall not exceed fifteen percent (15%) of the most recent General Fund Budget, as originally
adopted, or fifteen percent (15%) of the average of the last five (5) most recent General Fund Budgets, as amended,
whichever is less.
c)
If the money in the Fund exceeds the maximum amount permitted, the excess money shall be appropriated in the
next General Fund Budget but shall not be appropriated back to the Fund.
d)
The money in the Fund shall not be appropriated for the acquisition, construction, or alteration of a facility as part
of a general capital improvements program.
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