HomeMy WebLinkAbout027 - 03/13/1979 - AMENDING SECTION 30-2 OF THE CITY CODE RELATING TO UTILITY IMPROVEMENT AND TRUST FUNDS AND ESTABLISH ORDINANCE NO 279 1979
BEING AN ORDINANCE AMENDING SECTION 30-2
OF THE CODE OF THE CIFY OF FORT COLLINS
RELATING TO UTILITY IMPROVEMENT AND TRUST
FUNDS AND ESTABLISHING A POLICY FOR
RETAINED EARNINGS FOR SUCH FUNDS
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
Section 1 That Section 30-2 (E) of the Code of the City of Fort
Collins be, and the same hereby is, amended to read as follows
"E Earnings of the Water Fund shall be reserved by a
segregation of retained earnings into separate
descriptive balance sheet accounts as necessary to
satisfy the requirement of the City Charter, includ-
ing separation of reserves for operating , debt
service and future capital improvements There
shall be such additional accounts within such fund
as are necessary to segregate retained earnings of
such fund set aside for particular purposes by
ordinance or other actions of the City Council or to
satisfy financial reporting requirements For
purposes of this section, 'retained earnings' shall
be defined as accumulated net income of the utility
fund reflecting adjustments made in accordance with
generally accepted accounting principles "
Section 2 That Section 30-2 (F) of the Code of the City of Fort
Collins be, and the same hereby is, amended to read as follows
"F Earnings of the Sewer Fund shall be reseivcd by a
segieaation of retained earnings into separate
descriptive balance sheet accounts as necessary to
satisfy the requirements of the City Charter,
including separation of reserves for operating debt
service and future capital improvements There
shall be such additional accounts within such fund
as are necessary to segregate retained earnings of
such find set eside for particular pu popes b /
ordinance or other actions of the City Council or to
satisfy financial reporting requirements For
purposes of this Section, 'retained earnings' shall
be defined as a balance sheet account containing
accumulated net income of the utility fund reflect-
ing adjustments made in accordance with generally
accepted accountinq principles "
Section 3 That Section 30-2 (G) of the Code of the City of Fort
Collins be, and the same hereby is, amended to read as follows
"G Earnings of the Light and Power Fund shall be
reserved by a segregation of retained earnings into
separate descriptive balance sheet accounts as
necessary to satisfy the requirements of the City
Charter, including separation of reserves for
operating debt service and future capital improve-
ments There shall be such additional accounts
within Such fund as are necessary to segregate
retained earnings of such fund set aside for parti-
cular purposes by ordinance or other actions of the
City Council or to satisfy financial reporting
requirements For purposes of this section, 're-
tained earnings' shall be defined as a balance sheet
account containing accumulated net income of the
utility fund reflecting adjustments made in accor-
dance with generally accepted accounting principles "
Introduced, considered favorably on first reading tnis 20th day of
February, A D 1979, and to be presented for final,passage on the 13th day
of March, A D 1979
Mayor
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Ci y Clerk
Passed and adopted on second reading this 13 h day of March, A D
1979
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STATE OF COLORADO )
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CITY OF FORT COLLINS )
The City Council of the City of Fort Collins, Colorado, met in regular
session at 300 West LaPorte , Fort Collins, Colorado, on
February 20 , 1979, at 5 30 p m There were present at said
meeting the following
Present
Mayor Richard M Suinn
City Council Members Charles Bowling
Nancy Grav
Jack Russell
Llovd St Croix
Earl Wilkinson
Absent Arvid Bloom
i
constituting all the members thereof
Also present were
City Clerk Verna Lewis
Assistant City Attorney Don Deagle
Council Member Nancy P. Gray introduced the following Ordi-
nance, the complete text of which is as follows
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