Rule 5-04 Fund Administration

To safeguard the administration of the Fund and assure candidates that sufficient public funds will be available to make all payments required by the Act in upcoming elections, as guaranteed to participants by Charter §1052(a)(10), the Board shall: (a) make budget requests for the Fund sufficient to cover all anticipated Fund obligations in the upcoming fiscal year and to maintain a reserve for contingencies; (b) when it has determined that monies in the Fund are insufficient or likely to be insufficient for payments to participants, report this determination to the Commissioner of Finance and provide its estimate of the additional amount which will be necessary to make such payments pursuant to the Act (together with a detailed statement of the assumptions and methodologies on which the estimate is based), as required by Charter §1052(a)(10), not more than four days after which the Commissioner of Finance is required by Charter §1052(a)(10) to transfer an amount equal to the Board's estimate from the City's general fund to the Fund; (c) take steps to ensure that the Fund is maintained in a separate account, credited with all sums appropriated therefor and all earnings accruing thereon, in the custody of the comptroller on behalf of the Board, as required by Charter §1052(a)(10); (d) take steps to ensure that the Fund and its administration are insulated from the risk of improper action by any City official or agency or any agent or contractor thereof; (e) subject the Fund to periodic audits by independent outside auditors; and (f) take such other actions as are necessary and proper to insure the integrity of the Fund.