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An Ordinance of the County of Allegheny, Commonwealth of Pennsylvania, providing for the establishment of a Budget Stabilization Reserve Fund within Allegheny County.
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WHEREAS, Allegheny County has historically been affected by unpredictable factors arising from national and international events over which the County cannot exercise control; and
WHEREAS, these factors on occasion impair the ability of the County to accurately predict its anticipated revenues and/or expenditures; and
WHEREAS, overestimates of revenues and underestimates of expenditures can create serious short-term deficits which generate the need for deficiency appropriations and tax increases; and
WHEREAS, financing short term deficits created by economic uncertainty in the past has led to tax increases and changes in tax rates and policies which impaired the attractiveness of Allegheny County as a location for job creation and business expansion; and
WHEREAS, recurring deficits occurring during economic downturns could damage the creditworthiness of the County and increase the cost of borrowing for essential capital projects; and
WHEREAS, the need to cope with problems arising from the effect of economic uncertainty could cause delays in adopting a budget for the County, may cause cutoffs of vital public programs, and could ultimately endanger the stability and reliability of the County's services and programs;
The Council of the County of Allegheny hereby enacts as follows:
SECTION 1. Intent.
It is hereby declared as the intent of Allegheny County Council to create a stabilization reserve in the amount of 6% of the revenues of the County's General Fund.
SECTION 2. Establishment of Budget Stabilization Reserve Fund.
There is established a special fund to be known as the Budget Stabilization Reserve Fund (BSRF), to be administered consistent with the provisions of this Ordinance.
SECTION 3. Certification of County Reserves.
A. Be...
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