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FC# INTRODUCE ORDINANCE AMENDING CHAPTER 3 AND REPEALING AND REPLACING SECTION 3.40 ENTITLED "CITY FUNDS" By: Diana Lurid, Finance Officer Background: On November 29, 1993, Chapter 3 was amended; with Section 3.40 entitled "City Funds" repealed and replaced. The new ordinance that was established was 93-17. This ordinance replaced Ordinance 84-13 that was established October 23, 1984. Attached you will find a copy of Chapter 3, Section 3.40 as it exists today. Based on past recommendations of the City Attorney, ~ am proposing that Chapter 3, Section 3.40 be repealed and replaced with the proposed ordinance. The proposed ordinance not only incorporates all of the funds the City currently utilizes; it recommends the establishment of new funds and policies on existing funds. Some of the major changes to be noted are as follows: Section 3.40.02, Subdivision l(b) Special Revenue Funds · Future Street Lighting Fund has been eliminated - the fund is no longer utilized. · Revolving Loan Fund along with revenue and expenditure policies has been 'added. · DNR Grant Fund has been added. · Equipment Revolving Fund transferred from Subdivision 3. Trust and Agency Funds. · Storm Water Management Fund has been added. Section 3.40, Subdivision l(d) Capital Projects Fund · Tax Increment Project Funds has been incorporated with Tax Increment Fund under Subdivision 1 (b) Special Revenue Fund. · Section 22 Drainage District Fund has been added · Mississippi River Storm Water Subdrainage District #1 has been added. Section 3.40.02, Subdivision 2(a) - Enterprise Funds · Recycling Utility Fund has been added, · Storm Water Utility Fund has been added. Section 3.40.02, Subdivision 2(a)(d)-Internal Service Funds · Investment Trust Fund has been transferred from Subdivision 3(a) Expendable Trust Funds · Self-Funding Insurance Fund has been transferred from Subdivision 3(a) Expendable Trust Funds.