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To amend and reordain City Code ?? 12-241, concerning definitions for fund balances, 12-242, concerning the disposition of calculated general fund surplus and reporting, 12-261, concerning the "Rainy day" fund, 12-262, concerning the unassigned fund balance, 12-263, concerning the Budget and Revenue Stabilization Contingency Reserve, and 12-265, concerning special purpose reserves, for the purpose of changing the minimum percentages for the maintenance of the "rainy day" fund and the unassigned fund balance, modifying the reporting requirements for the general fund balance, modifying the date by which assignments of special purpose reserves must be made, and changing the name of the "rainy day" fund to the "Downturn Reserve Fund" and the "Budget and Revenue Stabilization Contingency Reserve" to the "Contingency Reserve."
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THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That sections 12-241, 12-242, 12-261, 12-262, 12-263, and 12-265 are hereby amended and reordained as follows:
Sec. 12-241. Definitions.
(a) The following words, terms, and phrases, when used in this division, have the meanings ascribed to them in this subsection, except where the context clearly indicates a different meeting:
Calculated general fund surplus means the general fund balance less all of the following:
(1) The amount of any committed fund balance other than the [Budget and Revenue Stabilization] Contingency Reserve, non-spendable fund balance, or restricted fund balance.
(2) Any encumbered amount properly reported within a committed fund balance, non-spendable fund balance, or restricted fund balance.
(3) The amount of the unassigned fund balance as reported in the City's comprehensive annual financial report for the immediately preceding fiscal year.
(4) The amount of the [Budget and Revenue Stabilization] Contingency Reserve as reported in the City's comprehensive annual financial report for the immediately preceding fiscal year.
(5) A...
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