[Adopted 2-25-2015 by Ord. No. 317 as Ch. 2, Art. V, Div. 2, of the 2015
Pittsfield Charter Township Code]
The following words, terms and phrases, when used in this article,
shall have the meanings ascribed to them in this section, except where
the context clearly indicates a different meaning:
The Budget Stabilization Fund.
Each fiscal year following the fiscal year in which the fund
was created, the Township Board of Trustees may appropriate by an
ordinance or resolution adopted by a two-thirds vote of the members
elected and serving, all or part of a surplus in the general fund
resulting from an excess of revenue in comparison to expenses, to
the fund.
The Township shall not impose additional taxes producing revenue
in excess of that needed for its estimated budget in order to provide
for money to be appropriated to the fund.
The amount of money in the fund shall not exceed either 15%
of the Township's most recent general fund budget as originally
adopted, or 15% of the average of the Township's five most recent
general fund budgets, as amended, whichever is less.
The money in the fund may be invested as provided by law with
the earnings of the fund to be returned to the Township's general
fund.
If the money in the fund exceeds that permitted in § 2-30, the excess money shall be appropriated in the Township's next general fund budget, but shall not be appropriated to the fund.
Money in the fund may be appropriated by an ordinance or resolution
adopted by a two-thirds vote of the members elected and serving on
the Township Board of Trustees for the following purposes:
A.Â
To cover a general fund deficit, when the Township's annual
audit reveals such a deficit.
B.Â
To prevent a reduction in the level of public services or in the
number of employees at any time in a fiscal year when the Township's
budgeted revenue is not being collected in an amount sufficient to
cover budgeted expenses.
C.Â
To prevent a reduction in the level of public services or in the
number of employees when in preparing the budget for the next fiscal
year the Township's estimated revenue does not appear sufficient
to cover the estimated expenses.
D.Â
To cover expenses arising because of a natural disaster, including
a flood, fire or tornado. However, if federal or state funds are received
to offset the appropriations from the fund, that money shall be returned
to the fund.
In determining whether the Township's revenue is sufficient
to cover its expenses, a reduction in the amount of money received
for the fiscal year from any source in comparison to the amount of
money received for the previous fiscal year, including a reduction
in the allocation of state tax money, shall be considered.
The money in the fund shall not be used or appropriated for
the acquisition, construction or alteration of a facility as part
of a general capital improvements program.
