7-6-4261. Determination of fund requirements to be met by tax levy. (1) Following the determinations required by 7-6-4260, the governing body shall determine the amount to be raised for each fund for which a tax levy is to be made by adding the cash balance in excess of outstanding unpaid warrants at the close of the preceding fiscal year and the amount of the estimated revenue, if any, to accrue to the fund during the current fiscal year. It shall then deduct the total amount obtained from the total amount of the appropriations and authorized expenditures from the fund as determined by the governing body in the budget adopted and approved. The amount remaining is the amount necessary to be raised for any fund by tax levy during the current fiscal year.
     (2) Subject to 15-10-420, the governing body may add to the amount necessary to be raised for any fund by tax levy during the current fiscal year an additional amount as a reserve to meet expenditures to be made from the fund during the months of July to November of the next fiscal year. The undesignated amount held as a reserve may not exceed one-half of the total amount appropriated and authorized to be spent from the fund during the current fiscal year, after deducting from the amount of the appropriations and authorized expenditures the total amount appropriated and authorized to be spent for election expenses and payment of emergency and other outstanding warrants.
     (3) The total amount to be raised by tax levy for any fund during the current fiscal year, including the amount of the reserve, may not exceed the total amount that may be raised for the fund by a tax levy that does not exceed the maximum levy permitted by law to be made for the fund.
     (4) This section does not apply to a municipality that has adopted the alternative accounting method provided for in Title 7, chapter 6, part 6.

     History: En. Sec. 16, Ch. 458, L. 1997; amd. Sec. 22, Ch. 584, L. 1999.