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I <br /> <br />i REPLACING SECTI. ON 3.40 ENTITLED "CITY FUNDS" <br /> By: Jessie L. Hart, Finance Officer <br />I Background: <br /> <br /> On September 28, 1993 staff presented several ordinances to amend Chapter 3 of the City Code. <br /> I The reasons behind these amendments were (1) to existing new manner <br /> establish <br /> and <br /> funds <br /> the <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 />I 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 />I Attached you will f'md 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 /> I utilizes, it the establishment of funds and existing funds. <br /> reco~mmend8 <br /> new <br /> policies <br /> on <br /> <br /> In previous discussions there were questions about paying off potential bond issues as a result of <br />I 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 />I Some of the major changes to be noted are as follows: <br /> <br /> Section 3.40.02, Subdivision l(b) - Special Revenue Funds <br /> I * 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 /> · Landfill Tipping Fee has be expanded to include revenue and expenditure policies. <br />I * Future Sealcoating Fund has been added. <br /> · Future Street Lighting Fund 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 redef'med into the Parks Improvement Revolving Fund <br /> · Economic Development Authority has been added. <br /> <br />i Section 3.40.02, Subdivision l(d) - Capital Projects Funds <br /> · Municipal State Aid Construction Fund has been expanded to include revenue and <br /> expenditure policies. <br />I * 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 />I 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 /> I Section 3.40.02, Subdivision 2(a) - Enterprise Funds <br /> · Street Lighting Utility Fund has been added. <br />I <br /> <br /> <br />