Definition of contingency fund in English:

contingency fund

noun

  • A reserve of money set aside to cover possible unforeseen future expenses:

    ‘there is a contingency fund within the budget to deal with unexpected legal fees’
    • ‘Trustees will now have to decide whether to use that to mitigate cutbacks, save it as a contingency fund or spend it another way.’
    • ‘The problem is ameliorated to a degree by building a contingency fund into the structure, but the size of this fund varies a great deal.’
    • ‘Simple maths shows that the deficit will be bigger this year and we no longer have a contingency fund to cover it.’
    • ‘Meanwhile, councillors approved an extra £100,000 to be taken from the contingency fund to plug a budget shortfall caused by winter gritting costs.’
    • ‘The small surplus that will be made this year will be used to cut the backlog of requests and provide a contingency fund to deal with any possible shortfall in predicted income.’
    • ‘I ran through some of the issues he will face, like the need to have a contingency fund in the budget.’
    • ‘Work with the pension industry to provide a contingency fund for when schemes fail.’
    • ‘The zoo, near Winchester, is solely funded by visitor income and donations and is having to rely on a contingency fund to cover animal and staff costs.’
    • ‘The contingency fund is a type of slush fund put aside for touring payments.’
    • ‘‘I believe this money should be used as a nest-egg to set up a special contingency fund to deal with unforeseen problems,’ Mr Mitchell said.’
    • ‘Already, some states are salting away current surpluses, and there is a federal contingency fund that could provide some additional money.’
    • ‘We have got to raise £30,000 within the next few days as a contingency fund.’
    • ‘A spokesperson for the Department of Education said repairs were being funded under its contingency fund.’
    • ‘A spokeswoman said: ‘Councils have to keep a general reserve as a contingency fund.’’
    • ‘Hill recommends setting aside a contingency fund of 20 percent of the estimated project value in the initial stages of building design.’
    • ‘He explained that the Department advised the Board to set up the contingency fund to cover unexpected spending pressures that might arise during the year.’
    • ‘That money has gone back into a contingency fund.’
    • ‘In the meantime, funds will be allocated out of the long-range capital plan and will be repaid from the contingency fund when the project is complete.’
    • ‘An application to the general contingency fund will need to be made to cover this overspend.’
    • ‘So he built a contingency fund into his annual budget - an amount equal to three months' worth of payroll.’