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To amend City Code ?? 12-242, concerning the disposition of calculated general fund surplus and reporting, to require that ten percent of each year's surplus amount go to a special purpose reserve to support the Richmond Retirement System Total Retirement Fund to fund bonuses for retired members of the Richmond Retirement System and 12-265, concerning special purpose reserves to establish a special purpose reserve fund to support the Richmond Retirement System Total Retirement Fund.
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THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That sections 12-242 and 12-265 of Richmond City Code (2020) are hereby amended as follows:
Sec. 12-242. Disposition of calculated general fund surplus; reporting.
(a) It is the policy of the City that each year's calculated general fund surplus be allocated as follows:
(1) Fifty percent to the Downturn Reserve Fund, with the exact allocation between the Contingency Reserve and the unassigned fund balance determined by the Mayor in the Mayor's discretion.
(2) Forty percent to the Capital Maintenance Reserve.
(3) Ten percent to the special purpose [reserves as determined pursuant to] reserve fund established by Section 12-265 to support the Richmond Retirement System Total Retirement Fund for the purpose of funding bonuses for retired members of the Richmond Retirement System.
(b) No later than November 15 of each year, the Mayor shall furnish the City Council with a report on the estimated general fund balance. The report must include all of the following:
(1) The amount of the unaudited general fund balance from the fiscal year ending on the June 30 immediately preceding the date on which this report is due.
(2) The unaudited calculated general fund surplus from the fiscal year ending on the June 30 immediately preceding the date on which this report is due.
[(3) The Mayor's proposals, if any, for the creation of any special purpose reserves pursuant to Section 12-26...
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