2010-0389
INTRODUCED BY: PAUL J. HOGAN, PE, COUNCILMAN, DISTRICT IV
ORDINANCE NO. ___________
Title
An ordinance to amend the Code of Ordinances, Chapter 2, Administration, Article IV. Finance, Division 1. by adding Section 2-73 General Fund Minimum Fund Balance.
Body
WHEREAS, it is essential that the General Fund maintain a strong Fund balance which would allow the Government to operate in the event of an emergency or national disaster; and,
WHEREAS, it is essential that the General Fund maintain a strong Fund balance which would allow the Government to continue to furnish and maintain all infrastructure for the welfare of the residents of St. Charles Parish; and,
WHEREAS, in the Parish President's budget message of October 26, 2010, it was recommended that the Parish Council consider adopting financial policies that include requirements for reserve cash balances; and,
WHEREAS, as suggested by the Governmental Accounting Standards Board (GASB), it is suggested that the Minimum General Fund Balance of the Parish Government shall be at least 5% of all Parish expenditures, excluding Enterprise Funds.
THE ST. CHARLES PARISH COUNCIL HEREBY ORDAINS:
SECTION I. That the Department of Finance shall submit as stated in the Home Rule Charter at least seventy-five days before the beginning of the fiscal year a balanced line item budget which will conform to the suggestions of the Governmental Accounting Standards Board (GASB) suggesting the General Fund Balance of Parish Government should be at least 5% of all Parish expenditures excluding Enterprise Funds. In no case shall the Minimum General Fund balance be less than $7,000,000.00 upon enactment of the balanced budget ordinance or at any time during the fiscal year.
Vote
The foregoing ordinance having been submitted to a vote, the vote thereon was as follows:
And the ordinance was declared adopted this ____ day of ___________, 2010 to become effective five (5) days after publication in th...
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