Page 200 - 2018 Village Ordinance Book 122818

term borrowing due to the timing of the receipt of short-term receivables
and the remittance of short-term payables.

3. POLICIES. That the Village Board of the Village of Sturtevant does
hereby establish a working capital fund which shall be maintained as of
December 31 of each year equal to a minimum of twenty (20) percent of
the general funds subsequent year’s budgeted expenditures, with a
targeted maximum of twenty five (25) percent of the general funds
subsequent year’s budgeted expenditures.

4. At the end of each fiscal year, it is the intent of the Village to use all
surpluses generated to meet the objectives of this policy. To this end, any
surpluses, which is the amount in excess of amounts required for
nonspendable, restricted or committed categories of fund balance,
realized in the general fund at year end shall be used first to meet fund
balance policies as set forth above. If such fund balances are healthy, as
determined by the Village Administrator, excess surplus may then be
considered to supplement “pay as you go” capital outlay expenditures
(including reduction of anticipated debt issues) or to pay principle on
existing debt.

5. The Village Board, by a two-thirds vote, can declare a fiscal emergency
and withdraw any amount of general fund balances for purposes of
addressing the fiscal emergency. Any such action must also provide for
necessary appropriations to restore the unassigned general fund balance
to the minimum balance within a three-year period.

Adopted by the Village Board of the Village of Sturtevant, Racine County,
Wisconsin, this 19th day of June, 2018.

Village of Sturtevant

By__________________________
Jayme Hoffman, President

Attest________________________
Mary Cole, Village Clerk