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1. Investment Trust Fund. <br />(a) The Investment Trust Fund shall be an interim fund only used to account for and <br />distribute earned interest to the various City funds. This fund shall be closed each <br />year prior to the issuance of the annual financial statements and has no budget <br />because of its temporary nature. <br />(b) This fund is not eligible for inter -fund loans. <br />2. Self -Funding Insurance Fund. <br />(a) The Self -Funding Insurance Fund shall be used to account for insurance refunds, <br />dividends and other miscellaneous insurance related revenues, and to provide for <br />self -funding the deductible portion of the City's insurance policies. <br />(b) This fund is eligible for inter -fund loans. <br />Subdivision 3. Trust and Agency Funds. Trust and Agency Funds shall be used to <br />account for assets held by the City in a trustee capacity for individuals, private <br />organizations, other governments, and/or other funds. <br />a. Expendable Trust Funds. Expendable Trust Funds are funds whose principal <br />and income may be expended in the course of designated operations. The <br />following are Expendable Trust Funds: <br />1. Escrow Fund. (Fund 9804) <br />(a) The Escrow Fund shall be used to account for monies held for specific purposes <br />from developers, contractors, builders, residents or the like. This fund shall be <br />non-interest bearing. <br />(b) This fund is not eligible for inter -fund loans. <br />4. . • • • ' No longer utilized) <br />(a) The Flexible Benefit Plan Fund shall be used to account for the City's flexible <br />benefit plan which is classified as a "cafeteria plan" under Section 125 of the <br />Internal Revenue Code. <br />(b) This fund is not eligible for inter fund loans. <br />5. Park Trust Fund. <br />(a) The Park Trust Fund will be used to account for resources accumulated to <br />defray <br />the cost of maintaining and/or acquiring park improvements. <br />(3) Donations <br />(1) Excess General Fund Revenue Transfer in the amount of 10% of excess <br />(5) Interest Earnings from pooled interest earnings. <br />(6) Potential User fees (future) <br />(c) Expenditures shall consist of the following uses: <br />Page 12 of 14 <br />