Division 13. Revenue Reserve Account Fund

There is hereby established and created a fund to be known as the Revenue Reserve Account Fund.

The purpose of the Revenue Reserve Account Fund is to mitigate the reduction of the Work Program of the County by providing a continuing and nonlapsing source of funds for the payment of appropriations approved in the Annual Budget and Appropriations Ordinance of the County for which anticipated sources of funds have failed to be received.

The County Executive shall include in the submission of the proposed operating budget of the County an appropriation to maintain the Revenue Reserve Account Fund at an amount equal to one percent (1%) in Fiscal Year 1994, two percent (2%) in Fiscal Year 1995, three percent (3%) in Fiscal Year 1996, and five percent (5%) for Fiscal Year 2004 and each subsequent fiscal year of the general fund.

In the event that funds from the Revenue Reserve Account Fund are required to pay an approved appropriation for which anticipated sources of funds have failed to be received by the County and the amount required results in the use of more than thirty percent (30%)of the balance of the Fund, additional appropriations sufficient to refund one half of the deficit shall be proposed by the County Executive in each of the succeeding two fiscal years.

If at any time during the fiscal year the County Executive shall ascertain that available revenue for the fiscal year may be less than the total appropriations, the County Executive shall reconsider the appropriations for all of County agencies developed pursuant to Section 817 of the Charter and submit a proposed supplementary appropriation for use of funds from the Revenue Reserve Account Fund to the Council in accordance with Section 815 of the Charter.

All interest income attributable to the Fund shall be retained in the Fund.