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(a) <br /> <br /> (b) <br /> <br />4. <br /> (a) <br /> <br /> (b) <br /> <br />$. <br /> (a) <br /> <br />(b) <br /> (1) <br /> (2) <br /> (3) <br /> (4) <br />(c) <br /> <br />Escrow Fund. <br />The Escrow Fund shall be used to account for monies held for specific purposes <br />from developers, contractors, builders, residents or the like. This fund shall be <br />non-interest bearing. <br /> <br />This fund is not eligible for inter-fund loans. <br /> <br />Flexible Benefit Plan Fund. <br />The Flexible Benefit Plan Fund shall be used to account for the City's flexible <br />benefit plan which is classified as a "cafeteria plan" under Section 125 of the <br />Internal Revenue Code. <br /> <br />This fund is not eligible for inter-fund loans. <br /> <br />Park Trust Fund. <br />The Park Trust Fund will be used to account for resources accumulated to defray <br />the cost of maintaining and/or acquiring park improvements. <br /> <br />Funding shall consist of the following uses: <br />Donations <br />Excess General Fund Revenue Transfer in the amount of 10% of excess <br />Interest Earnings from pooled interest earnings. <br />Potential User fees (future) <br />Expenditures shall consist of the following uses: <br /> <br />(1) Fund balance shall be increased to and maintained at $3,000,000 unless City <br /> Council declares an emergency situation exists. <br />(2) Yearly transfer to the General Fund in the amount of 100% of accrued interest <br /> earnings to offset park maintenance costs once $3,000,000 fund balance has been <br /> achieved. <br />(3) Any capital expenditures (non-operating) that would utility principal and are <br /> approved by a four-fifths vote of the City Council. <br /> <br />(a) <br /> <br />(a) <br /> <br />Nonexpendable Trust Funds. Non-expendable Trust Funds are funds whose <br />principal must be preserved intact. These funds are intended to account for the <br />principal portion of an endowment provided to the City by private donors with the <br />stipulation that the principle be preserved intact. The following are <br />Nonexpendable Trust Funds: <br /> <br />Pension Trust Funds. <br />The Pension Trust Funds shall <br />employee retirement systems. <br /> <br />be used to account <br /> <br />for City operated public <br /> <br />Agency Funds. <br />Agency Funds shall be custodial funds (assets equal liabilities) and do not involve <br />measurement of operations. Agency Funds are merely clearing accounts and have <br />no fund equity. <br /> <br />Page 11 of 13 <br /> <br /> <br />