While there is no requirement, the Town of Cape Charles formally adopted a General Operating Reserve (GOR) fund. Town Council will commit funds to a General Operating Reserve (GOR), which will be adjusted with each budget cycle.
The GOR is meant to meet the cash flow and liquidity needs of the Town, and to aid in adjusting to the revenue flux that occurs throughout the budget cycle.
The town is shooting for twenty percent (20%) of the upcoming fiscal year’s general operating expenses.
The fund may only be decreased or appropriated for another purpose upon approval of a supermajority of the Town Council.