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Queen Annes County, MD
 
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Minutes (2621)
[Adopted 1-8-2013 by Ord. No. 12-21]
A. 
In general. In this article, the following terms have the meanings indicated.
GENERAL FUND OF THE COUNTY
That fund known as the general fund as defined by Generally Accepted Accounting Principles promulgated by the Government Accounting Standards Board.
[Amended 2-14-2017 by Ord. No. 16-24]
A. 
The County shall maintain a Rainy Day Fund for contingencies in an amount equal to 8% of budgeted general fund operating revenues.
A. 
The County Commissioners may, at any time, appropriate funds from the Rainy Day Fund for contingencies to meet emergency needs of an unanticipated, nonrecurring nature.
B. 
The County Commissioners, at the time of making such an appropriation, shall publicly state the specific nature of the emergency and its expected long-term effects on the finances of the County.
C. 
Should the County experience a shortfall of revenues above and beyond shortfalls that occur during the normal course of governmental operations, and that cannot be offset by reasonable reductions in expenditures, an appropriation may be made from the Rainy Day Fund for contingencies sufficient to offset the shortfall.
D. 
In the event funds are appropriated from the Rainy Day Fund for contingencies, sufficient funds shall be appropriated to such Rainy Day Fund by the end of the second succeeding fiscal year following such appropriation to return the Rainy Day Fund to the minimal balance requirements of this article.
A. 
Should the general fund of the County have a surplus of revenues over expenditures in any given fiscal year, sufficient funds shall be allocated from such surplus revenues to the Rainy Day Fund for contingencies to bring the same into compliance with the minimal balance requirements of this article.
B. 
To the extent that surplus funds are not added to the Rainy Day Fund, they shall become part of the unassigned fund balance of the general fund.
C. 
The County Commissioners shall adopt a policy for the use of the unassigned fund balance, taking into account the nonrecurring nature of such monies.
A. 
The County Finance Director shall, at the time of submission of the comprehensive annual financial report, include information detailing the status of the Rainy Day Fund for contingencies and the unassigned fund balance.