Agenda - Council Work Session - 05/12/2015

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(c) Expenditures shall consist of the following uses: (1) Transfers to the General Fund at year end for deficient General Fund Revenue as outlined in the Excess/Deficient General Fund Revenue Policy (#11-11-217); and (2) Costs associated the acquisition of park land and construction of park improvements as detailed in the annual Capital Improvement Program or as approved by the City Council. (b) This fund is eligible for inter -fund loans. 8. Landfill Fund. (Fund 9803) (a) The Landfill Expendable Trust Fund was shall be used to account for royalty receipts received from landfill monthly gross revenues and the disposition of those receipts. (b) Funding shall consist of the following sources: (1) Interest earnings on the Landfill Expendable Trust Fund from the distribution of pooled interest earnings. (c) Expenditures shall consist of the following uses: (1) Payment of any legal costs related to the landfill closure and post closure; and (2) Transfers to the Park Improvement Revolving Fund, on an annual basis, in an amount not to exceed the interest available in the Landfill Expendable Trust Fund Council; and (1) Transfers to other non-operating City funds to offset, retire or avoid future debt. This amount, when combined with the above transfers and payments, shall not exceed the amount of interest earnings available to the Landfill Expendable Trust fund; and (2) Any capital expenditures (non-operating) that would utilize principal and are approved by a four-fifths vote of the City Council; and (3) Any loans or transfers for other than capital expenditures shall be authorized only if the City Council declares an emergency situation to exist. (d) Fund balance shall be increased to and maintained at $2,750,000 or a level that will provide for interest earnings adequate to support expenditures as detailed in the annual Capital Improvement Program combined with transfers to other non- operating City funds. (e) This fund is eligible for inter -fund loans. However, only forty percent (10%) of the principal balance shall be used as a source of interest free inter fund loans and Any loan or transfer of principal from the Landfill Expendable Trust Fund shall be approved by a four-fifths vote of the City Council. 9. Trott Brook Cemetery. (Fund 9820) (a) The Trott Brook Cemetery Fund will be used to account for perpetual care fees collected on the sale of cemetery plots in Trott Brook Cemetery. Page 10 of 14