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F -16 • <br />consumer price index (CPI) for December multiplied times the current permanent <br />endowment balance. However, the City shall not be obligated to make contributions to <br />permanent endowments in excess of the annual recorded investment earnings of that <br />fund. <br />During the budget process each year, the Administrative Services Director will <br />recommend to the City Manager the maximum amount that can appropriated for the <br />coming budget year considering the minimum permanent endowment levels and future <br />economic vitality of the program. In order to reduce the impact that market <br />fluctuations might have on the available annuity, the maximum amount for <br />appropriation will be calculated by multiplying the unspent resources (expendable and <br />nonexpendable) in each category by a the five -year moving average of previous years' <br />investment returns, less CPI. <br />The City Manager may recommend an expenditure appropriation above or below the <br />maximum annual appropriation (e.g. saving several years worth of allocations for a <br />large capital purchase) but in no case shall the City expend any component of the <br />permanent endowment. <br />It shall be at the City's discretion what high tech library equipment to acquire, and how • <br />to award the scholarship funds to needy qualified students. <br />Adopted - January 24,1994 <br />Amended - May 8, 2001 <br />Amended - April 13, 2004 <br />2 •