(a) For each city utility (electricity, water, wastewater, and storm water), the city hereby establishes a special utility reserve fund which may be lawfully utilized, as to each utility, for the purposes of emergency utility project funding; maintenance, equipment purchasing and maintenance, and other unanticipated projects, costs, claims, judgments, losses and expenses. The special utility reserve fund for each utility shall not be used for any other utility, or for general electricity, water, wastewater, storm water costs or operating expenses; or for other general city purposes.
(b) At the end of anyone budget year; budget reserves as to each utility shall be allocated and carried forward to the special reserve fund established for that utility. Any balance remaining in each special utility reserve fund at the end of the budget year shall be carried forward into that fund for succeeding budget years. Interest earned on any moneys in any one special reserve fund shall be credited to the special reserve fund.
(c) Amounts credited to, amounts on hand in, and amounts expended from each special utility reserve fund shall be included in the annual budget adopted by the city for the information of residents of the city.
(Ord. 875; Code 2016)