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§ 66508.1. Operating reserve fund

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 53 P.S. Municipal and Quasi-Municipal CorporationsEffective: February 21, 2014

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 53 P.S. Municipal and Quasi-Municipal Corporations
Part X. Townships of the Second Class
Chapter 141. Second Class Township Code (Refs & Annos)
Article XV. Corporate Powers
Effective: February 21, 2014
53 P.S. § 66508.1
§ 66508.1. Operating reserve fund
Currentness
(a) The board of supervisors shall have the power to create and maintain a separate operating reserve fund in order to minimize future revenue shortfalls and deficits, provide greater continuity and predictability in the funding of vital government services, minimize the need to increase taxes to balance the budget in times of fiscal distress, provide the capacity to undertake long-range financial planning and develop fiscal resources to meet long-term needs.
(b) The board of supervisors may annually make appropriations from the general township fund to the operating reserve fund, but no appropriation shall be made to the operating reserve fund if the effect of the appropriation would cause the fund to exceed twenty-five per centum of the estimated revenues of the township's general fund in the current fiscal year.
(c) The board of supervisors may at any time by resolution make appropriations from the operating reserve fund for the following purposes only:
(1) to meet emergencies involving the health, safety or welfare of the residents of the township;
(2) to counterbalance potential budget deficits resulting from shortfalls in anticipated revenues or program receipts from whatever source;
(2.1) to counterbalance potential budget deficits resulting from increases in anticipated costs for goods or services; or
(3) to provide for anticipated operating expenditures related either to the planned growth of existing projects or programs or to the establishment of new projects or programs if for each such project or program appropriations have been made and allocated to a separate restricted account established within the operating reserve fund.
(d) The operating reserve fund shall be invested, reinvested and administered in a manner consistent with the provisions of section 32041 relating to the investment of township funds generally.

Credits

1933, May 1, P.L. 103, No. 69, § 1508.1, added 1995, Nov. 9, P.L. 350, No. 60, § 1, effective in 180 days. Amended by 2013, Dec. 23, P.L. 1268, No. 133, § 1, effective in 60 days [Feb. 21, 2014].

Footnotes

1
53 P.S. § 68204.
53 P.S. § 66508.1, PA ST 53 P.S. § 66508.1
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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