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HomeMy WebLinkAbout185 - 11/18/1986 - REPEALING AND REENACTING CITY CODE PERTAINING TO VARIOUS FUNDS ORDINANCE NO. 185 , 1986 OF THE COUNCIL OF THE CITY OF FORT COLLINS REPEALING AND REENACTING CHAPTER 30 OF THE CODE OF THE CITY OF FORT COLLINS WHEREAS, Chapter 30 of the Code of the City of Fort Collins deals with the creation of various funds for the purpose of accounting for certain revenues and the related assets and expenditures and the related liabilities of the City of Fort Collins; and WHEREAS, certain inconsistencies presently exist between the above mentioned provisions of the City Code and the fund structure of the City currently being maintained and reported upon in accordance with generally accepted accounting principles; and WHEREAS, it is in the best interests of the City that the above mentioned provisions of the City Code be made consistent with and in accordance with generally accepted accounting principles and the current fund structure being maintained and reported upon by the City. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that Chapter 30 of the Code of the City of Fort Collins, be and the same hereby is, repealed and reenacted as follows: §30-1 . Definitions. For the purposes of this Chapter, the following terms shall have the meanings herein set forth: 1 . Account means a subdivision of a fund created for the purpose of segregating transactions or monies related to such transactions. 2. Fund is defined as a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations. 3. Fund Type is defined as a group of homogeneous funds which are accounted for using the same accounting measurement focus. 4. Account Group is defined as an accounting entity used to establish accounting control and accountability for the City' s general fixed assets and the unmatured principal of its general long-term debt. Account groups are not funds--they do not reflect available financial resources and related liabilities--but are accounting records of the general fixed assets and general long-term debt, respectively, and certain associated information. §30-2. Fund structure. The following fund types are hereby created to facilitate classification of funds of the City: 1 . General Fund - to account for all governmental resources of the City except those required to be accounted for in another fund. 2. Special Revenue Funds - to account for the proceeds of specific revenue sources (other than special assessments, expendable trusts, or for major capital projects) that are legally restricted to expenditure for specified purposes. 3. Capital Projects Funds - to account for financial resources to be used for the acquisition or construction of major capital facilities. 4. Debt Service Funds - to account for the accumulation of resources for, and the payment of, general long-term debt principal , interest and related charges. 5. Special Assessment Funds - to account for the financing of public improvements or services deemed to benefit the properties against which special assessments are levied. 6. Enterprise Funds - to account for operations: a. That are financed and operated in a manner similar to private business enterprises where the intent of City Council is that the costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or b. Where the Council has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control , accountability, or other purposes. 7. Internal Service Funds - to account for the financing of goods or services provided by one department or agency to other departments or agencies of the City, or other governmental units, on a cost-reimbursement basis. 8. Trust and Agency Funds - to account for assets held by the City in a trustee capacity and/or as an agent for individuals, private organizations, other governmental units, and/or funds. Assets in the above-created fund types shall be segregated into individual funds representing the financial resources from separate purposes from which such assets arose. Such individual funds include, but are not limited to funds created under this Chapter 30. -2- Expenditures shall be segregated into individual funds and shall be made to satisfy the purposes for which amounts were received or appropriated. Expenditures from these funds shall be made only for the purposes for which such individual fund was created; provided, however, that if there are amounts in any individual fund in excess of the amount required to satisfy the purpose of such individual fund, and if the City Council has the authority to do so, the Council may, by ordinance, authorize the transfer of such excess amount to any other individual fund of the City. Earnings of the funds of the City may be reserved by a segregation of fund equity into separate descriptive balance sheet accounts as necessary to satisfy requirements of the City Charter, City ordinances, or other legal requirements, including separation of reserves for operating, debt service and future capital improvements. §30-3. Account groups created. The following account groups are hereby created for the purpose of accounting for fixed assets and long-term liabilities not specifically belonging to any existing fund of the City: 1. General Fixed Assets - a management control and accountability listing of the City's general fixed assets - those not employed in commercial -type activities or held in trust. 2. General Long-term Debt - a management control and accountability listing of bonds, notes, and other long-term liabilities including,but not limited to capital leases, judgements, compensated absences, special termination benefits and similar commitments that are not a specific liability of any fund. §30-4. Fund plan. The Director of Finance, with the advice of the Controller and the City's independent auditors, shall establish and maintain funds and accounts which shall : 1 . Include those funds and accounts mandated or required by: a. The Constitution and laws of the United States of America; b. The Constitution and laws of the state of Colorado; c. The Charter and ordinances of the City; d. Generally accepted accounting principles. 2. Be categorized in accordance with fund types set forth at section 30-2; -3- Moneys in each individual fund shall be in the custody of and managed by the Director of Finance. The Director of Finance shall maintain accounting records and account for all of said moneys as provided by law. Moneys in each fund shall be invested or deposited by the Director of Finance in accordance with the provisions of law. All income from the assets of each fund shall become a part of the fund and shall be used for the purpose for which said fund was created. §30-5. General Fund created. Pursuant to Section 26 of Article V of the Charter of the City of Fort Collins, there is hereby created a fund to be known as the General Fund which shall be used to account for all financial resources of the City except those required to be accounted for in another fund. §30-6. Funds created. Pursuant to Section 27 of Article V of the Charter of the City of Fort Collins, the following funds are created: 1 . There is hereby created a fund to account for cemetery operations known as the Cemetery Fund. Revenues for the fund shall include cemetery fees and charges, interest earnings and operating transfers from the General Fund. Expenditures shall be made for approved purposes in connection with lawful cemetery operations. 2. There is hereby created a fund to account for human resource programs and other intergovernmentally funded programs known as the Community Services Fund. Revenues for the fund shall be derived from intergovernmental revenue. Expenditures shall be made for approved purposes in connection with the administration and operation of the human resources program and any other program placed in the fund. 3. There is hereby created a fund pursuant to Section 29-21-101 , C.R.S. , known as the Conservation Trust Fund. Revenues for the fund shall consist of state lottery moneys remitted to the City pursuant to Section 29-21-101, C.R.S. Expenditures shall be made in accordance with that section. 4. There is hereby created a fund to account for cultural activities known as the Cultural Services and Facilities Fund. Revenues for the fund shall include user fees and receipts for cultural activities as well as operating transfers from other funds. Expenditures shall be made for approved purposes in connection with cultural services and facilities of the City. 5. There is hereby created a fund to account for the Employees' Retirement Pension Plan known as the Employees' Retirement Pension Plan Fund . Revenues shall include employer -4- contributions to the plan as well as all other revenues earned in connection with the plan. Expenditures shall be made in accordance with the Employees' Retirement Pension Plan. 6. There is hereby created a fund to account for golf activities known as the Golf Fund. Revenues for the fund shall include user fees and receipts from golf courses. Expenditures shall be made for approved purposes in connection with golf facilities and activities. 7. There is hereby created a fund to account for the City's municipal electric utility known as the Light and Power Fund. Revenues for the fund shall include receipts from charges for electric services. Expenditures shall be made for approved purposes in connection with furnishing electric services. 8. There is hereby created a fund to account for the acquisition, development and administration of parklands known as the Parkland Fund. Revenues shall include parkland fees. Expenditures shall be made for approved purposes for the acquisition, development and administration of parklands, including purchases of new or replacement park site equipment and plantings. 9. There is hereby created a fund to account for perpetual care fees known as the Perpetual Care Fund. Revenues shall include perpetual care fees. Expenditures shall be made for operating transfers to the Cemetery Fund and other approved purposes in connection with the perpetual care of cemetery lots. 10. There is hereby created a fund to account for the Police Officers' Pension Plan known as the Policemen's Pension Fund. Revenues shall include employee and employer contributions to the plan as well as all other revenues earned in connection with the plan. Expenditures shall be made in accordance with the Police Officers' Pension Plan. 11 . There is hereby created a fund to account for recreation activities known as the Recreation Fund. Revenues shall include user fees for recreational activities, excluding golf activities, and operating transfers from the General Fund or other funds of the City. Expenditures shall be made for approved purposes in connection with recreational activities, excluding golf activities. 12. There is hereby created a fund to account for the City' s municipal wastewater utility known as the Sewer Fund. Revenues for the fund shall include receipts from charges for sewer services. Expenditures shall be made for approved purposes in connection with furnishing sewer services. 13. There is hereby created a fund to account for storm drainage known as the Storm Drainage Fund. Revenues for the fund shall -5- include storm drainage basin fees and storm drainage utility fees and other moneys as might be available for storm drainage purposes. Expenditures shall be made for approved purposes in connection with construction of stormwater facilities and operation, administration and maintenance of storm drainage facilities. It shall not be necessary that the operations, administration and maintenance expenditures from the fund relate to the particular basin from which such fees were collected, but it shall be necessary that capital expenditures from the fund relate to the particular basin from which the fees for such purposes were collected. To the extent that the storm drainage basin fees collected are insufficient to construct the needed stormwater facilities, the cost of the same may be paid from such City fund as may be determined by the City Council , but the City Council may order the reimbursement of such fund if additional fees are thereafter collected. All storm drainage funds collected for operation, administration and maintenance shall be separately designated as such and shall be used only for those purposes. All funds collected for capital expenditures shall be separately designated and used solely for those purposes. 14. There is hereby created a fund to account for construction of arterial and collector streets known as the Street Oversizing Fund. Revenues shall include all moneys collected pursuant to Article XIV of Chapter 95 of the Code of the City of Fort Collins. Expenditures shall be made as specified in Section 95-89 of the Code. 15. There is hereby created a fund to account for transportation services known as the Transportation Services Fund. Revenues shall include transportation utility fees , taxes , intergovernmental revenue, transfers from the General Fund or other funds of the City and other moneys as might be available for transportation services. Expenditures shall be made for approved purposes in connection with transportation services. 16. There is hereby created a fund to account for the City's municipal water utility known as the Water Fund. Revenues for the fund shall include receipts from charges for water services. Expenditures shall be made for approved purposes in connection with furnishing water services. 17. There is hereby created a fund to account for the City's sales and use tax revenue known as the Sales and Use Tax Fund. Revenues shall include collections of sales and use taxes under City ordinances. Expenditures shall be made for approved purposes in connection with servicing the City's sales and use tax bonds, notes and other similar debt. Expenditures shall include transfers to other funds of the City and other expenditures as approved by Council . -6- 18. There is hereby created a fund to account for the City's capital projects known as the Capital Projects Fund. Revenues shall include transfers from other funds, contributions in aid of construction, proceeds from bond sales and other sources as may be determined. Expenditures shall be made for the purpose of capital projects approved by Council . Introduced, considered favorably on first reading and ordered published this 4th day of November, A.D. 1986, and to be presented for final passage on the 18th day of November, A.D. 1986. Mayor ATTEST: I - City Clerk 1986.Passed and adopted on final reading this 18th day of November, A.D. Mayor ATTEST: City Clerk -7-