Indianapolis-Marion County Revised Code § 135-751 Utility and fiscal monitoring fund created.
Sec. 135-751. - Utility and fiscal monitoring fund created.
(a) There is hereby created a special fund, to be designated the "utility and fiscal monitoring fund," in the office of finance and management. The fund shall be a sub-fund of the Consolidated County Fund.
(b) This fund shall be a continuing fund, and if the balance remaining therein at the end of each calendar year is three hundred thousand dollars ($300,000) or less, the balance shall not lapse or ever be diverted, directly or indirectly, in any manner to any other uses than for the purposes stated in subsection (d) of this section. To the extent that the balance at the end of any calendar year exceeds the sum of three hundred thousand dollars ($300,000), such excess shall be transferred to the Consolidated County Fund.
(c) The sum of one hundred thousand dollars ($100,000) shall be deposited annually by the Controller in this fund from the earnings on funds on deposit in the fiscal stability fund.
(d) The purpose of this fund is to provide revenue for the city-county council and the office of audit and performance to pay expenses of monitoring fiscal operations of the city, county, municipal corporations and public utility companies, particularly those of wastewater and water utilities.
(e) Expenses for fiscal monitoring purposes shall be appropriated by the city-county council in accordance with the procedures for expenditures of public funds for use by the city-county council.
(S.O. 7, 2010, § 2; G.O. 46, 2016, § 1)