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Case #6 <br /> <br /> cit~ S~ecial Revenue Fund #251 amd Enterprise Fund #603 <br /> Street Lighting <br /> ! !By: Sandra Ashley Helling, Finance Officer <br /> <br />Background:~ <br /> <br />Fund #251 Was lestablished in 1991 for the purpose of separately identifying <br />all deposits ! for street lights. Initially future street lights were <br />consider6di tOi be the priority intersection lights, but in 1992 the City <br />entered in~o d~velopment agreements for subdivision street lights. <br />As the City ~ill be billing property owners receiving the benefit of a <br />subdivisio~'si~treet lights, and the costs are not to be borne by the general <br />taxpayer~,{~re~enues and expenditures for subdivision street lights must be <br />accounted ~or.kn an Enterprise Fund. By definition, Enterprise Funds are used <br />to account~ f~r the operations of self-support~ng governmental activities <br />which render S~rvices or goods to the public. Therefore, Fund %603 has just <br />been established for revenues and expenditures of subdivision street lights. <br />As of Oct°~er ~1, 1992, the appropriate transfers will be made from Fund #251 <br />to Fund #603.' <br /> <br />Attached:i <br /> <br />Interim Fi~andial Report Fund %251 Future Street Lighting Special Revenue <br />Fund <br /> <br />Observati~si <br />The Budget ~on~.ittee recommended, and Council adopted, a resmdent=al bzll=ng <br />rate of $8~25.~er quarter for subdivision street lights. This item has been <br />-,d~-]ed to t~e C~ty's Schedule of Rates and Charges which is reviewed at least <br />annually. <br /> <br />Budget Co~tee Action: <br />None - info~ma~ion only <br />Review Ch~ck%ist: Copies also distributed to: <br /> <br />City AdminiStrator City Engineer <br />Finance Off~ce~ <br /> <br />BC: 10/27/9~ <br /> <br /> <br />