HomeMy WebLinkAboutORDINANCE - 2822 - 4/10/2001 - RESIDENTIAL ENHANCEMENT PROGRAM FUNDORDINANCE NO. 2822
AN ORDINANCE AMENDING TITLE 1. CHAPTER 8 BY DELETING SECTION
1-8-10-1, WORKING CASH FUND, FROM THE VILLAGE CODE OF THE VILLAGE
OF ELK GROVE VILLAGE, AND TRANSFERRING THE FUND BALANCE FROM THE
WORKING CASH FUND TO THE RESIDENTIAL ENHANCEMENT PROGRAM FUND
WHEREAS, the Mayor and Board of Trustees determined the original
intent and purpose of the Working Cash Fund is now being satisfied by
maintaining fund balance reserves in the General Fund; and
WHEREAS, the Mayor and Board of Trustees determined that it is
consistent with a sound comprehensive financial policy to sustain
General Fund reserves at levels sufficient to absorb unanticipated
revenue shortfalls, unforeseen expenditures, and withstand possible
economic recessions; and
WHEREAS, the Mayor and Board of Trustees deem it prudent and
advisable to abolish the current Working Cash Fund which was
established in 1962 and contained within Ordinance No. 235.
NOW, THEREFORE, BE IT ORDAINED by the Mayor and Board of Trustees
of the Village of Elk Grove Village, Counties of Cook and DuPage,
State of Illinois as follows:
Section 1: That Section 1-8-10-1 of Title 1, Working Cash Fund,
of the Village Code of the Village of Elk Grove Village, be deleted.
Section 2: That the current cash balance in the Working Cash
Fund as of April, 2001 be transferred into and be used to supplement
funding sources for the Residential Enhancement Program.
Section 3: That this Ordinance shall be in full force and effect
from and after its passage, approval, and publication according to law.
VOTE:
AYES:
5
NAYS:
0 ABSENT: 1
PASSED
this
10th
day of
April 2001.
APPROVED
this
10th
day of
April 2001.
Craig B. Johnson
MAYOR
ATTEST:
Ann I. Walsh
VILLAGE CLERK
P BLISHEDothis 13th day of April 2001 in pamphlet form.