MARIETTA, Ohio (WTAP) – Marietta officials are considering creating a new fund to help bolster the city’s financial security.
The Marietta finance committee met this evening to discuss proposed legislation to create a fiscal stabilization fund within the city’s budget.
Up to 5% of the city’s revenue would go into the fund, which could only be accessed under certain circumstances.
Ward 2 Councilman Bret Allphin explained that once money goes into the fund, council will have to pass legislation to access it. “We would be able to determine together under what circumstances would we want to make those appropriations,” he said. “Like, if we reached this level of balance in the general fund or certain circumstances happened, we would be able to take action and appropriate those dollars, but otherwise they can’t be accessed.”
Finance Committee Chair Councilman Michael Scales is preparing ordinances to create the fund.
Council will consider those ordinances during their meeting on July 3.
Copyright 2024 WTAP. All rights reserved.
