Legal Documents of Rocky Top

Upon passage of the fund balance policy, authority is given to the city's finance committee to assign funds for specific purposes in an amount not to exceed twenty-five thousand dollars ($25,000.00) per purpose or in total not to exceed twenty-five thousand dollars ($25,000.00). Any funds set aside as assigned fund balance must be reported to the city's governing body at their next regular meeting and recorded in the minutes. The governing body has the authority to remove or change the assignment of the funds with a simple majority vote.

The city's governing body has the authority to set aside funds for the intended use of a specific purpose. Any funds set aside as assigned fund balance requires a simple majority vote and must be recorded in the minutes. The same action is required to change or remove the assignment.

Upon passage of a budget ordinance where a fund balance is used as a source to balance the budget, the finance director shall record the amount as assigned fund balance. (Ord. #470, Feb. 2012)