Agenda - Council Work Session - 03/22/2016

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1. Municipal State Aid Construction Fund (MSA) (Fund 9402). (a) The MSA Fund shall be used to account for state -aid allotments used by the City for improvement projects to thoroughfare streets designated as MSA streets within the City. (b) Funding shall consist of the following sources: (1) Annual MSA allotments; and (2) Interest earnings on the MSA Fund from the distribution of pooled interest earnings. (c) Expenditures shall consist of the following uses: (1) Transfers to the Landfill Expendable Trust Fund, ending in 1996, t o repay State Aid bonds issued in 1991; For the annual payment of debt principal and interest for State -Aid street projects that were financed with General Obligation debt. (2) Transfers to the General Fund annually to cover budgeted general maintenance to state -aid designated streets. This amount will be determined annually during the budget process; and (3) Costs associated with municipal state -aid improvement projects as detailed in the annual Capital Improvement Program or as approved by the City Council. d) This fund is not eligible to make loans to other City Funds. 2. Public Improvement Revolving Fund (PIR) (Fund 9400). (a) The PIR Fund shall be used to account for revenues and expenditures in conjunction with the City's share of the annual Street Maintenance Program. (b) Funding shall consist of the following sources: (1) Excess debt service funds from retired bonds; and (2) Interest earnings on the PIR Fund from the distribution of pooled interest earnings. (3) Transfers from the General Fund at year-end for excess General Fund Revenue as outlined in the Excess/Deficient General Fund Revenue Policy (#11-11-217). (c) Expenditures shall consist of the following uses: (1) Transfers to the General Fund to provide a revenue source for the annual Street Maintenance Program. At no time shall this amount be greater than the annual interest earnings available to the PIR Fund. (2) 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 (d) Fund balance shall be increased to and maintained at a level adequate to ensure future funding of not less than fifty percent (50%) of the City's share of the annual Street Maintenance Program through interest earnings. (d) This fund is eligible for inter -fund loans. 3. Annual Improvement Funds. (a) The City shall maintain one Annual Improvement Fund with individual fund activities created by staff on an as needed basis. Each set of projects financed by a particular revenue source or bond issue shall be treated as a separate fund activity Page 7 of 14