§ 2-553. Shortfall.

Latest version.

If it is determined there is a shortfall (an amount below the lower limit of the sinking account range), the sinking account balance is to be rebuilt through the following mechanism:

An appropriation during the next annual budget process of at least ten (10) percent of the lower limit of the sinking account range until the lower limit has been reached. If this is financially infeasible, a written plan shall be forwarded by the city manager to the commission for approval in order to restore the sinking account balance to an amount within the range within a reasonable time frame. The plan may require reduction of services, increases in taxes, fees, or rates, or some combination thereof.

(Ord. No. 2011-11, § 1, 7-19-11)

                    
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