In the preparation by the city budget officer of the annual city budget, an amount not to exceed three percent of the equalized assessed value of property subject to taxation by the city may be accumulated in a separate fund for the purpose or purposes of specific capital improvements, repairs and/or replacements of specific types of municipal equipment or other tangible property, both real and personal, to be designated as the capital improvement, repair or replacement fund. Expenditures from the capital improvement, repair or replacement fund shall be budgeted in the fiscal year in which the capital improvement, repair or replacement will occur. Upon the completion or abandonment of any object for which the capital improvement, repair or replacement fund, or should any surplus moneys remain after the completion or abandonment of any object for which the capital improvement, repair or replacement fund was inaugurated, then and in that event such funds no longer necessary for capital improvement, repair or replacement shall be transferred into the general corporate fund of the city on the first day of the fiscal year following such abandonment, completion, or discovery of surplus funds. (Ord. 1006 § 3 (part), 1992: prior code § 2-15-7(B))

2.26.070