Agenda - Council - 05/25/2004 - Laserfiche WebLink

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FC# ~. INTRODUCE ORDINANCE AMENDING CHAPTER 3 AND REPEALING AND REPLACING SECTION 3.40 ENTITLED "CITY FUNDS" By: Diana Lund, Finance Officer Background: On January 21, 2002, Chapter 3 was amended; with Section 3.40 entitled "City Funds" repealed and replaced. The new ordinance that was established was 01-27. This ordinance replaced Ordinance 93-17 that was established November 29, 1993. During 2004 budget discussions, it was often times discussed about the creation of a Park Fund for future park maintenance costs above and beyond the currently budgeted General Fund Park Maintenance budget. At the City Council meeting of April 27, 2004, Council authorized the transfer of excess revenue funds to the Equipment Revolving Fund with the understanding that these funds would be transferred to a Park Maintenance Fund once it is established. A Park Maintenance Fund has been added under the Special Revenue Fund which is Section 3.40.02 Subdivision 1 (b) of the attached Ordinance. The proposed ordinance not only incorporates all of the funds the City currently utilizes; it recommends the establishment of the new Park Maintenance Fund, dissolution of outdated/closed funds and updated policies on existing funds. Some of the major changes to be noted are as follows: Section 3.40.02, Subdivision 1 (b) Special Revenue Funds Park Maintenance Fund has been added along with revenue and expenditure policies. · Tax Increment Funds - Policies updated. · Landfill Tipping Fee Fund - Policies updated. · Economic Development Authority- Policies updated. Section 3.40.02, Subdivision 1 (d) Capital Projects Fund · Public Improvement Revolving Fund (PIR) - policies updated. · Section 22 Drainage District Fund - fund deleted- fund has been closed as no activity in several years. · Mississippi Drainage District Fund - fund deleted-fund has been closed as no activity in several years. Section 3.40.02, Subdivision 3 - Trust and Agency Funds · Landfill Trust Fund - policies updated.