Marietta Finance Committee Discusses Fiscal Stabilization Fund
The Marietta Finance Committee gathered this evening to talk about starting a new fund aimed at making Marietta’s finances stronger. They are thinking about creating a Fiscal Stabilization Fund, which is like a savings account for the city.
What is the Fiscal Stabilization Fund?
This special fund will hold up to 5% of the city’s revenue. This means that for every $100 the city earns, $5 will go into this fund. Think of it like setting aside part of your paycheck into an emergency savings account every month.
When Can the Fund Be Used?
The money in this fund can only be used in special situations. Imagine you have a piggy bank that you only break open if something unexpected happens, like your washing machine breaking down. The city will have similar rules for accessing the funds.
How Will it Work?
Ward 2 Councilman Bret Allphin explained how the process will be monitored. For the city to use the money, the council must first agree and pass a law to access it. This is to make sure the fund is only used when necessary.
Example: If the city’s regular savings drop to a low level, the council might decide it’s a good time to use the Fiscal Stabilization Fund.
Councilman Michael Scales, who chairs the Finance Committee, is preparing the necessary ordinances (official rules) to create this fund. The city council will discuss and vote on these rules during their meeting on July 3.
By setting up this Fiscal Stabilization Fund, Marietta hopes to make sure it has a cushion to fall back on in tough times, ensuring smoother financial operations and better overall security for its residents.
