Members of the Plymouth Common Council considered a resolution during their December 27th meeting to transfer funds into the city’s Rainy-Day Fund.
Indiana Code requires, that whenever the purposes of a tax levy have been fulfilled and an unused and unencumbered balance remains in the fund, the fiscal body or the political subdivision shall order the balance of the fund to be transferred to the General Fund or Rainy-Day Fund of the municipality.
The resolution states, “The City of Plymouth is currently in the enviable position of having an ‘unused ad unencumbered balance’ within the General Fund from fiscal year 2020.”
City Clerk-Treasurer Lynn Gorski has reviewed the balances and recommended to the City Council to transfer $400,000 from the General Fund into the Rainy-Day Fund. The funds are held in the fund for any unforeseen circumstances, to assist with limited or interrupted future revenues and other special needs.
The current balance of the city’s Rainy-Day Fund was approximately $5.4 million and adding the additional $400,000 will bring that balance up to $5.8 million.
The Plymouth City Council unanimously approved the resolution to transfer funds by a 5 to 0 vote with two members being absent from the meeting.