Laserfiche WebLink
FC# <br />ADOPT 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repealed and replaced.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 />The proposed ordinance not only incorporates all of the funds the City currently utilizes; <br />it recommends the establishment of a 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outdated/closed funds and updated policies on existing funds.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 <br /> 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 · 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 />Section 3.40.02, Subdivision 3 - Trust and Agency Funds · Landfill Trust Fund - policies updated. <br /> · Park Trust Fund has been added along with revenue and expenditure policies. <br /> <br />Recommendation: <br /> <br />Adopt ordinance #04-XX repealing and replacing section 3.40 of Chapter 3. <br /> <br />q <br /> <br />Council Action: <br /> <br />Motion to introduce Ordinance # 04- which is an ordinance amending Chapter 3 and <br />repealing and replacing Section 3.40 entitled "City Funds". <br /> <br />FC: 9-13-04 <br /> <br /> <br />