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eNg1/- <br /> ‘44 !/FJIETT <br /> MEMORANDUM OF UNDERSTANDING <br /> CONCERNING CONTINGENCY RESERVE <br /> ("RAINY DAY") FUND <br /> WHEREAS, there has been much debate and discussion regarding the establishment <br /> and expenditure of a Rainy Day Fund set aside for unforeseen, unbudgeted expenses; <br /> and <br /> WHEREAS, it is desirable that there be an orderly procedure for the expenditure of <br /> moneys from the Rainy Day Fund based on a consensus agreement between <br /> Administration and City Council, <br /> NOW, THEREFORE, BE IT HEREBY UNDERSTOOD: <br /> 1. Proposed expenditures from the Rainy Day Fund will be brought forward by <br /> Administration to the Finance Committee, for its consideration and recommendation <br /> to be forwarded to the City Council. <br /> 2. Should Council members wish to propose an expenditure from the Rainy Day <br /> Fund, their proposal will be presented to Administration. Said proposal will receive a <br /> staff review; and such review will be forwarded to the Finance Committee for its <br /> consideration and recommendation to be forwarded to the City Council. <br /> ilioeM makable <br /> PETE KINCH ED DIAMOND <br /> MAYOR COUNCIL PRESIDENT <br /> -/746 ./7A_5 <br /> DATE DATE <br /> RAINYDA2.DOC <br />