HomeMy WebLinkAbout2722 Closing and Consolidation of Funds - Library Fund, Arterial Street Fund, Water Sewer Revenue Bond and Bond Reserve Funds, Fire Department Pump Test Pit Fund and PEG Access Studio FundORDINANCE a,~-~ o~. ~-
AN ORDINANCE authorizing the consolidation and closing of the
Following Funds: the Library Fund into the General Fund,
the Arterial Street Fund into the Street Fund, the 1978 Water Sewer
Revenue Bond Fund
and the 1978 Water Sewer Revenue Bond Reserve fund into the Water
Sewer Fund, the
1967 Water Sewer Revenue Bond Fund and the 1967 Water Sewer
Revenue Bond Reserve Fund into the Water Sewer Fund, and Fire
Department Pump Test Pit Fund
into the General Fund, and the P.E.G. Access Studio Fund into the General
Fund.
WHEREAS, the City is authorized to eliminate unnecessary accounting funds, so that
the City's accounting
for funds is more efficient and easier to comprehend; and
WHEREAS, the Library Fund is unnecessary and receives it's operating budget from
the General Fund and will operate as a department of the General Fund; and
WHEREAS, state law authorizes consolidation for Arterial Street Funds with the Street
Fund where the city population is under 15,000. The operation of two distinct funds is
inefficient; therefore, the Arterial Street
Fund will operate as a line item in the Street Fund; and
WHEREAS, the Fire Department Pump Test Pit Fund is unnecessary to operate as a
separate fund. This fund will operate as a line-item in the General Fund Fire Department
budget; and
WHEREAS,, the 1978 Water Sewer Revenue Bond Fund has no outstanding bonds; and
WHEREAS, the 1967 Water Sewer Revenue Bond Fund has no outstanding bonds; and
WHEREAS, the Parks Fund is unnecessary to operate as separate fund. This fund will
operate as a department in the General Fund; and
WHEREAS, the P.E.G. Acess Studio Fund is unnecessary to operate as a separate fund.
This fund will operate as a department in the General Fund commencing January 1, 2000;
and
THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND IN REGULAR
SESSION ASSEMBLED DOES ORDAIN AS FOLLOWS:
Section 1. The Library Fund and the Fire Department Pump Test Fund shall be
closed. The City Finance Director is hereby directed to record these fund closures and
transfer any remaining assets and liabilities to the General Fund.
Section 2. The Arterial Street Fund shall be closed. The City Finance Director is
hereby directed to record this fund closure and transfer any remaining assets and
liabilities to the Street Fund.
Section 3. The 1978 Water Sewer Revenue Bond Fund and the 1978 Water Sewer
Revenue Bond Reserve Fund will be closed. The 1967 Water Sewer Revenue Bond Fund
and the 1967 Water Sewer Revenue Bond Reserve will be closed. The City Finance
DirectOr is hereby directed to record these fund closures and transfer any remainihg
assets to the Water Sewer Fund.
Section 4. The P.E.G. Access Studio Fund will be closed and any remaining assets
and liabilities shall
be transferred to the General Fund - P.E.G. Access T.V. department account. Any
restricted revenues from the federal excise tax shall be segregated in a separate revenue
account. The Finance Director is hereby
directed to record this fund closure on January 1, 2000.
Section 5. If any provision of this ordinance is declared by any court of competent
jurisdiction to be contrary to law, then such provision shall be null and void and shall
be deemed separable from the remaining provisions of this ordinance and shall in no way
affect the validity of the other provisions of this ordinance.
This ordinance shall take effect and be in force five days after the date of
its publication in the manner provided by law.
ADOPTED by the City Council of the City of Port Townsend,
Washington,
this December 13th, 1999.
ATTEST:
CITY OF PORT TOWNSEND,
WASHINGTON
Mayor
APPROVED AS TO FORM:
Ordinance