Upon the effective date of this article, the Town Manager is authorized to utilize in the preparation of the Town's proposed annual budget in accordance with § C8-2 of the Town Charter any or all of the undesignated fund balance from the preceding fiscal year that exceeds 10% of general fund expenditures.
[HISTORY: Adopted by the Town Council of the Town of Rocky Hill as indicated in article histories. Amendments noted where applicable.]
[Adopted 2-6-2006 by Ord. No. 228-06; amended in its entirety 6-3-2024 by Ord. No. 294-24]
Moneys in the undesignated fund balance from the preceding fiscal year that exceed 10% of general fund expenditures shall be applied to the capital improvement budget as determined by the Town Council through the budget review process and approved by the Town Council. The undesignated fund balance of the general fund for this purpose shall be the undesignated fund balance as determined by the Town's Auditor for the prior fiscal year ending June 30.