TAX STABILIZATION RESERVE

Wilmington City Code ch. 2, art. VI, div. 3

in effect

Wilmington City Code § 2-381 Established.

Sec. 2-381. - Established. There is hereby created a tax stabilization reserve within the general fund. The purpose of the reserve is to provide future tax stabilization for the general fund. (Ord. No. 18-045, § 2, 10-4-18)

Wilmington City Code § 2-381.1 Funding.

Sec. 2-381.1. - Funding. The tax stabilization reserve shall be the net unrestricted general fund balance, after the satisfaction of city obligations and funding of the budget reserve account, as determined by the fiscal year end comprehensive annual financial report. (Ord. No. 18-045, § 2, 10-4-18; Ord. No. 22-038, § 2, 9-15-22, eff. 6-30-22)

Wilmington City Code § 2-381.2 Appropriations.

Sec. 2-381.2. - Appropriations. (a) Appropriations. Appropriations may be made from the tax stabilization reserve as necessary in order to pay city obligations and limit the need to increase taxes when authorized by city council by ordinance. (b) Exemptions. For purposes of this section, the term "appropriations" shall not include the following: (1) Pension liability and related expense adjustments; (2) Debt principal payments; and (3) The annual true-up provided for in the agreement between the city and county concerning wastewater treatment. (Ord. No. 18-045, § 2, 10-4-18; Ord. No. 22-038, § 2, 9-15-22, eff. 6-30-22)

Source: City of Wilmington, Delaware, City Code, City Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/de/wilmington/codes/code_of_ordinances?nodeId=PTIIWICO_CH2AD_ARTVIFI_DIV3TASTREFetched: 11/6/2026