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INTRODUCE ORDINANCE AMENDING CHAPTER 3 AND REPEALING AND <br />REPLACING SECTION 3.40 ENTITLED "CITY FUNDS" <br /> By: Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />On January 21, 2002, Chapter 3 was amended; with Section 3.40 entitled "City Funds" <br />repealed and replaced. The new ordinance that was established was 01-27. This <br />ordinance replaced Ordinance 93-17 that was established November 29, 1993. <br /> <br />During 2004 budget discussions, it was often times discussed about the creation of a Park <br />Fund for future park maintenance costs above and beyond the currently budgeted General <br />Fund Park Maintenance budget. <br /> <br />At the City Council meeting of April 27, 2004, Council authorized the transfer of excess <br />revenue funds to the Equipment Revolving Fund with the understanding that these funds <br />would be transferred to a Park Fund once it was established. <br /> <br />On June 10, 2004, City Council held a joint meeting with the Park & Recreation <br />Commission to discuss the creation of a new Park Fund. Possible sources and uses of <br />this fund were discussed during the joint meeting and were presented in draft form at the <br />Council ~neeting of August 10, 2004. A new "Park Trust Fund" has been added under <br />Trust and Agency Funds which is Section 3.40.02 Subdivision 3(a)(5) of the attached <br />Ordinance. <br /> <br />The proposed ordinance not only incorporates all of the funds the City currently utilizes; <br />it recommends the establishment of the new Park Trust Fund, dissolution of <br />outdated/closed funds and updated policies on existing funds. <br /> <br />Some of the major changes to be noted are as follows: <br /> <br />Section 3.40.02, Subdivision l(b) Special Revenue Funds · Tax Increment Funds - Policies updated. <br /> · Landfill Tipping Fee Fund - Policies updated. <br /> · Economic Development Authority- Policies updated. <br /> <br />Section 3.40.02, Subdivision l(d) Capital Projects Fund <br /> · Public Improvement Revolving Fund (PIR) - policies updated. <br /> · Section 22 Drainage District Fund - fund deleted- fund has been closed as no <br /> activity in several years. <br /> Mississippi Drainage District Fund - fund deleted-fund has been closed as no <br /> activity in several years. <br /> <br /> <br />