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Sep 10, 2013 9:09 AM by AP

Tangi board tables reserve fund ordinance

The Tangipahoa Parish Council has tabled a proposed ordinance that would have spelled out how a reserve fund, separate from the parish's other financial holdings, was to be established.
The move came Monday after Parish President Gordon Burgess said he had vetoed a measure passed at the group's meeting on Aug. 26. That ordinance instructed Burgess's office to transfer to a separate account, within 10 days, $395,000 in emergency fund money that has long been held in the parish's general fund.
Further, the ordinance stated that each year either 25 percent of the overage of general fund sales tax revenues, compared to the prior year's, or $50,000, whichever amount was greater, be placed in the reserve fund.

Photo courtesy http://www.independentsector.org/blog/assets/content/content/2011-12/ss-2345306-MeetingChairs.jpg

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