Finance Committee Agenda and Packet 2020 12 15

Home Browse Search

SUBJECT: FUND STRUCTURE & RESTRICTED REVENUE DATE: DECEMBER 15, 2020 PAGE 4 OF 6 Cemetery Perpetual Care Fund The Cemetery Perpetual Care Fund was created in 1974 through Ordinance 436. Fees derived from the sale of lots and opening of graves are collected and restricted for the "Cemetery Perpetual Care Fund". Through 2008, the interest revenue from this fund was transferred to the General Fund to pay for the operations and maintenance of caring for the lots. Beginning in 2009, all unrestricted burial permits and general maintenance of the cemetery have been accounted for in the Cemetery Fund, a new fund created by Ordinance 1542, Series 2008. Therefore, beginning in 2009, the interest revenue from the Cemetery Perpetual Care Fund has been transferred to the Cemetery Fund. Please note that the Cemetery Perpetual Care Fund is often classified as a Special Revenue Fund in the City's internal reporting and budget documents. Proprietary Funds Two fund types are used to account for a government's business -type activities (activities that receive a significant portion of their funding through user fees). These are the Enterprise Funds and the Internal Service Funds. Enterprise Funds — Enterprise Funds are used to account for operations that are financed and operated in a manner similar to private business enterprises, where the intent is that the costs of providing these services to the general public on a continuing basis be financed or recovered primarily through user charges. The proper accounting for Enterprise Funds is on an economic resources measurement focus, rather than a current financial resources measurement focus, use by Governmental Funds. However, the City's budget basis of accounting for its Enterprise Funds is similar to those of the Governmental Funds. This allows certain transactions, such as asset purchases and principal payments on debt, to be recorded as expenses and to be subject to appropriation. Water, Wastewater, & Storm Water Funds The Water Utility Fund accounts for the resources generated and the costs incurred to provide water service. The Wastewater Utility Fund accounts for the resources generated and the costs incurred to provide wastewater service. The Storm Water Utility Fund was created in 2007 to account for the resources generated and the costs incurred to provide storm water services. Combined, these three funds comprise the Consolidated Utility Fund. Solid Waste & Recycling Utility Fund The Solid Waste & Recycling Utility Fund was created by Ordinance 1554, Series 2009, to account for the resources generated and the costs incurred to provide solid waste pickup and recycling services. Golf Course Fund CITY COUNCIL COMMUNICATION 11