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CASE # [ .._ <br /> <br />INTRODUCE ORDINANCE AMENDING CHAPTER 3 AND REPEALING AND <br />REPLACING SECTION 3.40 ENTITLED "CITY FUNDS" <br /> By: Jessie L. Hart, Finance Officer <br /> <br />Background: <br /> <br />On September 28, 1993 staff presented several ordinances to amend Chapter 3 of the City Code. <br />The reasons behind these amendments were (1) to establish existing and new funds in the manner <br />prescribed by the Charter and (2) to establish, by ordinance, the policies and procedures effecting <br />various funds. In discussions with Bill Goodrich regarding these ordinances, he recommended <br />repealing Chapter 3, Section 3.40 and replacing it with the attached single ordinance, rather than <br />revising and incorporating all of the ordinances as presented. By presenting the amendments in <br />this manner, it has allowed some "housekeeping" to the various sections to this Chapter. <br /> <br />Attached you will find a copy of Chapter 3, Section 3.40 as it exists today, as well as the ordinance <br />that would replace it. The original Chapter had been updated only once for the establishment of a <br />fund since 1984. The proposed ordinance not only incorporates all of the funds the City currently <br />utilizes, it recommends the establishment of new funds and policies on existing funds. <br /> <br />In previous discussions there were questions about paying off potential bond issues as a result of <br />the past street maintenance projects. It is staffs position that the policies proposed for the <br />Permanent Improvement Revolving Fund allow for the payment of costs from past street <br />maintenance projects, rather than bonding, if the deemed necessary. <br /> <br />Some of the major changes to be noted are as follows: <br /> <br />Section <br /> <br /> 3.40.02, Subdivision l(b) - Special Revenue Funds <br />Revenue Sharing Fund has been eliminated - the funding no longer exists. <br />Tax Increment Fund along with revenue and expenditure policies has been added. <br />Landf'fll Tipping Fee has be expanded to include revenue and expenditure policies. <br />Future Sealcoating Fund has been added. <br />Future Street Lighting ~t':und has been added. <br />Peace Officers Fund has been added. <br />Lawful Gambling Fund along with revenue and expenditure policies has been added. <br />Parks Fund has been redefined into the Parks improvement Revolving Fund <br />Economic Development Authority has been added. <br /> <br />Section 3.40.02, Subdivision 1 (d) - Capital Projects Funds * Municipal State Aid Construction Fund has been expanded to include revenue and <br /> expenditure policies. <br /> * Public Improvement Revolving Fund along with revenue and expenditure policies has been <br /> added. <br /> * Parks Improvement Revolving Fund has been added due to redefining the Parks Fund. <br /> * Public Facilities Construction Fund has been added. <br /> * Tax Increment Project Funds have been added. <br /> * Mississippi Drainage District Fund has been added. <br /> * Rum River Drainage District Fund has bee added. <br /> <br />Section 3.40.02, Subdivision 2(a) ~ Enterprise Funds * Street Lighting Utility Fund has been added. <br /> <br /> <br />