Agenda - Council - 05/24/2016 - Laserfiche WebLink

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lour 1111.1siion: To work together to reiposibty grow our community, and to provide quality, coat -effective, and efficient government ierrlcas. CC Regular Session 7. 7. Meeting Date: 05/24/2016 By: Diana Lund, Finance Information Title: Adopt Ordinance #16-05 Amending Chapter 3 and Repealing and Replacing Section 3.40 Entitled "City Funds" Purpose/Background: Purpose: Consider adoption of Ordinance #16-05 to Repeal and Replace Chapter 3 Section 3.40 of the City Code Entitled "City Funds" to update the status of the City Funds currently being utilized. Background: The "City Funds" section of the city code was last amended September 2004. Since this time, some of the funds listed are currently no longer utilized, their sources and uses needed to be updated, or just their description needed to be amended. The Proposed Ordinance was presented to the City Council at work sessions on March 22, May 2, and April 26, 2016. All changes presented at these work sessions have been incorporated. The ordinance was introduced at the regularly scheduled City Council meeting of May 10, 2016. Some of the major changes to be noted are as follows: • Lawful Gambling Fund was amended to allow contributions to a 501(C)(3) Corporation whose purpose is to provide a benefit to the community in an amount not to exceed $5,000 annually. • Landfill Expendable Trust is now known as the Landfill Fund as there are no restrictions on the use of this fund, so should not be labeled a trust fund. The cap amount was removed and any expenditure from this fund needs to be authorized by City Council. • Park Maintenance Fund is now known as the Capital Maintenance Fund which allows for the fund to be used for non -budgeted maintenance needs related to all city needs, be it parks or facilities. Observations/Alternatives: The ordinance as presented reflects the outcome of three City Council work sessions and was introduced at the City Council meeting of May 10. Recommendation: Recommend City Council adopt Ordinance # 16-05 Amending Chapter 3 and Repealing and Replacing Section 3.40 entitled "City Funds".