(a) (1) On or before June 1 and in accordance with law, the county commissioners shall levy upon all of the taxable property of the county and upon all property subject to taxation in it the aggregate amount of the estimates, less any revenue certain to be paid the county during the ensuing fiscal year from sources other than the levy and property to be appropriated toward the estimates and less any actual or estimated unassigned general fund balance available for appropriation, as otherwise provided in this Code.
(2) To protect the financial integrity of county government and to provide sufficient liquidity required for daily operations, the county governing body shall maintain a committed general fund balance. The amount shall be 5 percent for fiscal year 2016, 6 percent for fiscal year 2017, 6.5 percent for fiscal year 2018, and 7 percent for fiscal year 2019, and thereafter of the general fund expenditures and transfers to the Board of Education and the Frederick Community College for the prior fiscal year. Any amount that exceeds 5 percent for fiscal year 2016, 6 percent for fiscal year 2017, 6.5 percent for fiscal year 2018, and 7 percent for fiscal year 2019, and thereafter of the general fund expenditures and transfers to the Board of Education and the Frederick Community College for the prior fiscal year shall be included as funds available for appropriation in the current fiscal year.
(b) In addition thereto, the county commissioners may levy not more than five hundred thousand dollars ($500,000.00) which shall be added to the total of estimates and included in their levy. No other sums of money shall be levied. Taxes levied shall become due and payable and shall be collected in the manner and at the times fixed by law. The additional five hundred thousand dollars ($500,000.00) or so much of this sum as may be levied shall be a contingency fund and shall be dedicated and appropriated to meet any unexpected demand which may arise after tax levy has been made.
