Title
ORDINANCE NO. 26-05
To create Sec. 46-64 of the Municipal Code of the City of Racine, Wisconsin relating to Finance - Undesignated Health Insurance fund balance.
Recommendation: Ordinance No. 26-05 be adopted.
Fiscal Note: N/A
Body
To create Sec. 46-64 of the Municipal Code of the City of Racine, Wisconsin relating to Finance - Undesignated Health Insurance fund balance.
The Common Council of the City of Racine do ordain as follows:
Part 1:
Sec. 46-64 of the Municipal Code of the City of Racine is hereby created to read as follows:
“Sec. 46-64. Undesignated Health Insurance fund balance.
The common council shall maintain an undesignated fund balance within the Health Insurance fund in accordance with the audit and accounting guide, Audits of State and Local Governmental Units. Such fund balance shall be maintained at a minimum of 25% of the Health Insurance fund appropriations adopted for the subsequent budget year. The percentage calculation shall be performed annually upon the adoption of the budget for the Health Insurance fund, based on the city’s prior year undesignated Health Insurance fund balances as set forth in its audited financial statements. Any shortfall shall be appropriated and transferred from the undesignated general fund balance to the extent possible.”
Part 2:
This ordinance shall take effect upon passage and the day after publication.
Passed by the Common Council _______________________________________
Approved _______________________________________
_______________________________________
Mayor
Attest:
_____________________________
City Clerk
Fiscal Note
N/A