§ 2-123. Maintenance of adequate reserves in order to provide several important benefits to the city.

[The purposes of the fund balance policy and operating reserves fiscal policy shall include:]

(1)

Providing a measure of stability during economic cycles. Adequate reserves to help protect the city against significant tax increases or dramatic budget cuts during periods of low economic activity.

(2)

Interest income from the investment of the cash reserves to provide a significant source of revenue.

(3)

Adequate reserves to provide the foundation for a strong credit rating reducing the cost of long-term borrowing.

(Ord. No. 2011-50, § 1(Exh. A), 9-20-11)