It is the desire of the Legislature of Rockland County to prepare County
government for any possible economic down turn in the future and the potential
consequence of having to increase property taxes at that time, due to a reduction
in County revenue sources, including but not limited to sales tax revenue
and state and federal funding. At present, Rockland County does not have a
tax stabilization fund, permissible under § 6-e of the General Municipal
Law of the State of New York. The County has experienced an increase in revenues
due to greater-than-anticipated sales tax revenue, and the County Legislature
desires to take prudent steps toward establishing a fund balance reserve account
in which a portion of surplus revenues on hand could be segregated and placed
aside to prevent the need to increase real property taxes, if such circumstances
should arise.
As used in this chapter the following terms shall have the meanings
indicated, and all references to the masculine gender shall be interpreted
to include the feminine gender:
FUND BALANCE RESERVE ACCOUNT
The budgetary account created by this statute in which surplus revenues
may be placed subject to future disbursements specifically restricted and
defined by this chapter.
The County Executive may transfer a portion of surplus revenue or other
funds annually in the budgetary process with the Legislature's approval
or the Legislature may add to the budget proposed by the County Executive,
pursuant to the Charter, a portion of the County's surplus funds on hand
or other funds to the Fund Balance Reserve Account. Said transfer shall increase
the Fund Balance Reserve Account in a specific dollar amount.