T A B L E O F C O N T E N T S P RT I A ... - Broome County

§ 52-8 BROOME COUNTY CODE § 52-12
sufficient to pay all liabilities incurred or accrued against it. Prior to the discontinuance of
such fund, the Commissioner of Finance, Director of Budget, Comptroller and County
Attorney shall certify to the County Legislature the amount that may be necessary to retain in
such fund to satisfy all liabilities incurred or accrued against it, and such sum shall be retained
in the fund for payment of such amounts or until later certified that such funds are no longer
needed.
ARTICLE II
Contingency and Tax Stabilization Reserve Fund
[Adopted 11-8-2001 by L.L. No. 6-2001]
§ 52-9. Establishment of fund.
There is hereby established, pursuant to § 6-e of the General Municipal Law, a reserve fund to
be known as the "Contingency and Tax Stabilization Reserve Fund."
§ 52-10. Funding.
There may be paid into said Contingency and Tax Stabilization Reserve Fund such amounts
as may be provided by budgetary appropriation (subject to the limitation set forth in § 6-e of
the General Municipal Law) from the unappropriated, unreserved fund balance in the general
fund portion of the annual budget and such revenues as are not required by law to be paid into
any other fund or account.
§ 52-11. Expenditures.
A. The money in the Contingency and Tax Stabilization Reserve Fund may only be
expended upon recommendation of the County Executive and affirmative vote on the
recommendation of at least 2/3 of the members of the County Legislature,
B. The money in the Contingency and Tax Stabilization Reserve Fund may only be
expended for a purpose authorized by § 6-e of the General Municipal Law, such as
financing an unanticipated revenue loss, financing an unanticipated expenditure or to
lessen or prevent any projected property tax increase in excess of 2 1/2% in the amount
needed to finance the general fund portion of the annual budget for the next succeeding
fiscal year, subject to the limitations set forth in § 6-e of the General Municipal Law.
§ 52-12. Fund balance limitations.
When preparing the tentative budget, if the current balance in the Contingency and Tax
Stabilization Reserve Fund exceeds 10% of the general fund portion of the annual budget for
the current fiscal year, such excess shall be used to reduce the amount of real property taxes
needed to finance the general fund portion of the annual budget for the next succeeding fiscal
year.
52:4 02 - 01 - 2010