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Case #6 <br /> <br />City iSpecial Revenue Fund #251 amd Enterprise Fund #603 <br /> , Street Lighting <br /> By: Sandra Ashley Helling, Finance Officer <br /> <br />Background: <br /> <br />Fund #251iwa~ established in 1991 for the purpose of separately identifying <br />all depositS for street lights. Initially future street lights were <br />considere~ tD be the priority intersection lights, but in 1992 the City <br />entered into '~development agreements for subdivision street lights. <br />As the C~ty !will be billing property owners receiving the benefit of a <br />subdivisi~n's street lights, and the costs are not to be borne by the general <br />taxpayers~ revenues and expenditures for subdivision street lights must be <br />accounted ifo~ in an Enterprise Fund. By definition, Enterprise Funds are used <br />to accoun~ ~or the operations of self-supporting governmental activities <br />which render ;services or goods to the public. Therefore, Fund %603 has just <br />been established for revenues and expenditures of subdivision street lights. <br />As of Octdbe~ 31, 1992, the appropriate transfers will be made from Fund #251 <br />to Fund #~03. <br /> <br />Attached: <br /> <br />Interim Financial Report Fund #251 Future Street Lighting Special Revenue <br />Fund '~ <br /> <br />Observations: <br /> <br />The Budge~ C°~nmittee recommended, and Council adopted, a residential billing <br />rate of $~.25 per quarter for subdivision street lights. This item has been <br />added to ~he City's Schedule of Rates and Charges which is reviewed at least <br />annually. ~ <br /> <br />Budget c~mm~ttee Action: <br />None - information only <br />Review Checklist: Copies also distributed to: <br /> <br />City Administrator City Engineer <br />Finance Officer <br /> <br />BC: 10/27/~2 <br /> <br /> <br />