2013-11 General Fund Reserve for Future Tax ReliefORDINANCE NO. 2013 -11
AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF
NORTH PALM BEACH, FLORIDA, CREATING A GENERAL FUND
RESERVE FOR FUTURE TAX RELIEF AND AUTHORIZING THE
TRANSFER OF ANTICIPATED SAVINGS FROM THE CURRENT FISCAL
YEAR INTO THIS RESERVE FUND AT YEAR -END; PROVIDING FOR
CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR
AN EFFECTIVE DATE.
WHEREAS, the Village Council adopted the General Fund Budget for Fiscal Year 2012 -2013
through the adoption of Resolution 2012 -10 on September 27, 2012; and
WHEREAS, Village Administration anticipates substantial surplus funds from the General Fund
Budget for Fiscal Year 2012 -2013; and
WHEREAS, these surplus funds would normally roll into the unassigned fund balance at year
end; and
WHEREAS, rather than have such surplus funds roll into the unassigned fund balance, the
Village Council wishes to create a General Fund Reserve for Future Tax Relief and to authorize
a designated amount of surplus funds to roll into the Reserve Fund in lieu of the unassigned fund
balance at year end; and
WHEREAS, the Village Council determines that the adoption of this Ordinance is in the best
interests of the residents and citizens of the Village of North Palm Beach.
NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF NORTH PALM
BEACH, FLORIDA as follows:
Section 1. The foregoing recitals are hereby ratified as true and correct and incorporated herein.
Section 2. The Village Council hereby creates a General Fund Reserve for Future Tax Relief
for use in subsequent fiscal years. At the end of the current fiscal year, the Village Council
hereby commits $442,833.00 of the anticipated surplus funds in the General Fund Budget for the
current fiscal year to roll into the General Fund Reserve for Future Tax Relief in lieu of rolling
into the unassigned fund balance.
Section 3. All ordinances and resolutions and parts thereof which are in conflict with this
Ordinance are hereby repealed to the extent of such conflict.
Section 4. If any section, paragraph, sentence, clause, phrase or word of this Ordinance is for
any reason held by a court of competent jurisdiction to be unconstitutional, inoperative or void,
such holding shall not affect the remainder of this Ordinance.
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Section 5. This Ordinance shall be effective immediately upon adoption.
PLACED ON FIRST READING THIS 8th DAY OF AUGUST, 2013.
PLACED ON SECOND, FINAL READING AND PASSED THIS 22nd DAY OF AUGUST, 2013.
(Village Seal)
ATTEST:
VILLAGE CLERK
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY:
VILLAGE ATTORNEY
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MAYOR