Town of Stratford, CT Article XIII Tax Relief Account

[Adopted 4-11-1994; amended 5-20-1996 by Ord. No. 96-10]

§ 14-41 Transfer of funds to account; percentage to offset tax levy.

[Amended 11-13-2007 by Ord. No. 07-09]

Any funds in the Town of Stratford's general fund balance that are not reserved or designated for specific purposes shall be transferred to the unreserved fund balance in an account titled "Designated for Subsequent Year Tax Relief." In each fiscal year, the Town Council of the Town of Stratford may apply an amount of 40% to 60% of the balance in the Designated for Subsequent Year Tax Relief Account to offset the tax levy required to fund the adopted budget for the ensuing fiscal year, but only if the unreserved fund balance will remain greater than 10% of the operating budget for the ensuing year after such amount is so applied.