4.116.040 Operation of fund.
(1) The county executive’s budget submission for each year shall include a recommendation for a general fund contribution to the general fund revenue stabilization fund as provided in SCC 4.26.021(11).
(2) Each year as soon as possible after the general fund for the prior year is closed and audited by the state auditor, the county executive shall submit a written report to the county council stating the amount of the year-end fund balance in the general fund, if any, along with a recommendation for a general fund contribution to the general fund revenue stabilization fund to carry out the general fund reserve policy set out in SCC 4.26.065. The report shall be based on an analysis by the department of finance of available reserves in the general fund and shall include a description of relevant liquidity requirements and the purpose of any available reserves not recommended for deposit to the general fund revenue stabilization fund.
(3) The resources in the general fund revenue stabilization fund shall accumulate from year to year until such time as:
(a) available reserves in the general fund revenue stabilization fund exceed five percent (5%) of prior year revenues to the general fund and the council by majority vote appropriates all or part of the excess available reserves; or
(b) the council makes a written finding that emergency or other exigent circumstances exist that require use of county general fund reserves and by a minimum of four affirmative votes appropriates all or part of the available reserves in the general fund revenue stabilization fund.
(4) In this chapter, "available reserves" has the meaning given in SCC 4.26.010(14). (Added by Amended Ord. 08-146, Feb. 25, 2009, Eff date Mar. 22, 2009).