ANSWER: It is the taxpayer's equivalent of the Council Initiative Fund, Slush fund or the Mayor's "wiggle room" where the excess taxes or surpluses that had been collected from the year could be deposited. This fund which would benefit the taxpayers tax RATES has not been used since late 1984 when it was created to smooth out excessive rate increases in any one year. Despite the operating surpluses of the last 5 years and the soon to be announced operating surplus in excess of $1,500,000 (1% tax increase = $143,000) this reserve has never been used.
Today at the Finance Committee meeting will it be utilized for the first time?
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