City of Plymouth Proposed 2022-2023 Budget - Flipbook - Page 203
Act 177, Public Acts of 1943, as amended, authorizes local units to establish
funds for the purpose of appropriating and setting aside moneys to be used for
public improvements. The provisions of the City Charter and Act 177 are
presented on the next two pages. The City Commission established the Public
Improvement Fund on February 16, 1993.
The operation of the Public Improvement Fund is similar to the Budget
Stabilization Fund, in that disbursements from both funds require a five-vote
Commission approval. However, the Budget Stabilization Fund is limited to
meeting an unforeseen expenditure need or revenue shortfall, which could be
either operating or capital in nature.
In contrast, the Public Improvement Fund is limited to meeting only a capital
improvement need. Normally, this would be a capital need planned in advance
but it could also be an unforeseen capital need resulting from an emergency
for which the City Commission could approve a transfer of money from the
Public Improvement Fund, by a vote of at least five members.
-401PUBLIC IMPROVEMENT FUND
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