Legal Documents of Rocky Top

The city's governing body has the authority to set aside funds for a specific purpose. Any funds set aside as committed fund balance requires, at a minimum, the passage of a resolution by a simple majority vote. An ordinance may also be used. Commitment must take place prior to June 30 of the applicable fiscal year. If the actual amount of the commitment is not available by June 30, the resolution or ordinance must state the process or formula necessary to calculate the actual amount as soon as information is available. In the event the governing body wishes to lift the committed status of funds so that they may be used for general purposes, a formal action equal to that which originally committed the funds must be taken. (Ord. #470, Feb. 2012)