Agenda - Council - 11/27/2001 - Laserfiche WebLink

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bo Nonexpendable Trust Funds. Non-expendable Trust Funds are funds whose principal must be preserved intact. These funds are intended to account for the principal portion of an endowment provided to the City by private donors with the stipulation that the principle be preserved intact. The following are Nonexpendable Trust Funds: (a) Pension Trust Funds. The Pension Trust Funds shall be used to account for City operated public employee retirement systems. Agency Funds. Agency Funds shall be custodial, funds (assets equal liabilities) and do not involve measurement of operations. Agency Funds are merely cleating accounts and have no fund equity. Subdivision 4. Account Groups General Fixed Asset Account Group. The General Fixed Asset Account Group shall be used to account for tangible assets of significant value, which have a service li£e in excess of one year and are not accounted lbr in a proprietary fund type. General Long-Term Debt Account Group. The General Long-Term Debt Account Group shall be used to account for long- term debt, which is to be financed by revenue of Governmental Fund types. Subdivision 5. Inter-Fund Loans. Inter-fund loans are transfers fi-om one fund to another with the intentions of repayment of principal or principal and interest. All inter- fund loans shall be approved by City Council resolution. Such resolution shall state the amount of the inter*fund loans, the interest rate, where applicable, and the repayment period. Subdivision 6. Fund Abolishment. No Fund created by this chapter may be abolished except by properly enacted Ordinance or as detailed in Chapter 7 of the City Charter. Section 2. Effective Date PASSED by the City Council the ~ day of ,2001. ATTEST: Mayor City Administrator/Clerk Page 11 o1'12 I I I I I I I I I !: I I I I I I I -219-