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HomeMy WebLinkAbout1989-19 Authorizing Funds & Accounting Methods RESOLUTION 89- ~ A RESOLUTION AUTHORIZING FUNDS AND ACCOUNTING METHODS TO BE USED IN THE FINANCIAL MANAGEMENT OF THE CITY OF ASHLAND FOR THE 1989-90 FISCAL YEAR WHEREAS, there is a need for a summary of major resources, a statement of purposes, and a description of the accounting basis for each fund: NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS: That the funds listed on the attached budget pages are be established and used, thereon, to record the financial affairs of the City of Ashland, in accordance with the laws applicable to the State of Oregon: This Resolution was READ and DULY ADOPTED at a regular meeting of the City Council of the City of Ashland on the 6th day of ':rwffE' 1989. -6 / ~ ;;u'- -----77 ~ .. /4 a -:7,-/~/,,- Nan E. Franklin City Recorder 9 ~_:l (i day of ~_,...c....L, 1989. I SIGNED AND APPROVED this ~;Z- , "/ /""'/ r'~~/~ /~;~ pA'____ Catherine M. Golden Mayor 1 ACCOUNTING METHODS GENERAL FUND General Fund. This fund shall be used to account for all financial resources except those to bEl accounted for in another fund. Revenues include taxes, licenses and permits, intergovernmental revenue, fines and forfeitures, charges for services, miscellaneous revenues and interfund transfers. Expenditures are for Municipal Court, Human Resources, Senior Program, Economic Development, Community Development, Fire Department, and Police Department. This fund uses the modified accrual method of accounting. SPECIAL REVENUE FUNDS Special Revenue Funds are used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. Special revenue funds account for transactions on the modified accrual method of accounting. Police Serial Lew Fund. The revenue In this fund is from the three year property tax serial levy. Expenditures are for drug enforcement personnel and to maintain staffing levels. Fire E.M.T. Serial Levy Fund. The revenue in this fund Is from the three year property tax serialllevy. Expenditures allow fire department personnel to increase their emergency medical technician skills. Cemetery Fund. Revenues included in this fund are from cemetery related sales, transfer of interest from the Cemetery Trust Fund and the cemetery continuing property tax levy. Expenditures are for the <care of the cemeteries. Band Fund. Revenues include the Band continuing property tax serial levy. Expenditures are for the City of Ashland Band. Emergencv 911 Fund. Revenues are from the State of Oregon 9-1-1 telephone excise tax and other local jurisdictions which use Ashland telephone prefixes. Expenditures are for supervision and maintenance of the 9-1-1 system. Street Fund. Revenues are from the state road tax, franchise fees, charges for services and miscellaneous sources. Expenditures are for the maintenance, repair, and surfacing of streets. Water Qualitv Fund. This fund accounts for the water operations. Revenues are from charges for services, and miscellaneous sources. Expenditures are for operating expenses, capital outlay, debt service and interfund transfers. Sewer Fund. This fund accounts for sewer treatment and collections. Revenues are from charges from services. Expenditures are for personnel, materials and services, capital outlay and interfund transfers. Aimort Fund. Revenues are from airport leases and transfers. Expenditures are for airport opE!rations. Electric Utility Fund. Revenues are from charges for services and intergovernmental grants. Expenditures are for electric utility operations. Utility operations include wholesale power purchases, operating expenses, capital outlay, debt service, Interfund transfers, franchise tax and related purposes. Parks and Recreation Fund. Revenues are from the Parks and Recreation continuing property tax levy charges for services and miscellaneous sources. Expenditures are for parks and recreation purposes. Ooen Soace Fund. Revenues are from taxes or another source off revenue to be determined by the City Council. Expenditures are for the operations of an open space program. 196 ACCOUNTING METHODS Recreation Serial Lew Fund. Revenues are from the three year recreation serial levy. Expenditures are for swimming pool programs and maintaining facilities on non-dedlcated park land. CAPITAL IMPROVEMENTS FUNDS Capital I mprovements funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities ( other than those financed by enterprise funds, internal service funds, special assessment funds and trust funds). Capital projects funds use the modified accrual method of accounting. Caoitallmorovements Fund. This fund accounts for revenues from interfund transfers, grants, charges for services and other sources. Expenditures are for construction, property and equipment acquisition and replacement, improvements and related purposes. Assessment Imorovements Fund. This fund accounts for the construction of special local improvements, usually streets. Revenues are from short term borrowing, and unbounded assessments. Expenditures are for the entire cost of the project. Hosoitallmorovements Fund. This fund accounts for the construction and improvements to thl9 Hospital. Revenues are transferred from the Hospital Fund. Expenditures are for Capital Outlay. Parks Caoital Imorovements Fund. This fund is used to account for revenues from grants and interfund transfers which are to be expended for equipment purchases and major park renovations. DEBT SERVICE FUNDS Debt service funds account for the accumulation of resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds, special assessments, and trust funds). Expenditures and Revenues are accounted for on the modified accrual method of accounting. Bancroft Bond Fund. This fund accounts for revenues from Bancroft (Local Improvement District) bonded assessments. These are expended for the retirement of local improvement district bonded debt principal and interest until such debts have been retired. General Bond Fund. This fund accounts for revenues from interfund transfers that are expendEld for the retirement of general obligation debt principal and interest. General Debt Service Fund. This fund accounts for revenues from service fees which are used to repay long term contracts that are not bonded. Advance Refunding Debt Service Fund. This fund accounts for the 1982 water bonds which Wlere issued to finance a major renovation of the existing system. These bonds were defeased In September 11985. Hosoital Bond Fund. This fund accounts for the Hospital Improvements Bond issued to financl9 the cost of major improvements to the Ashland Community Hospital. Revenues are from transfers from the Hospital Fund. 197 ACCOUNTING METHODS INTERNAL SERVICE FUNDS Internal service funds account for the financing of goods or services provided by one departmeint or agency to other departments or agencies of the governmental unit, or to other governmental units, on a cost reimbursement basis. Internal Service funds use full accrual accounting. Central Services. This fund Is divided Administration, Finance Department, Miscellaneous, Public Works and Community Development departments. These functions are supported by charges for services, Expenditures are for Mayor and Council, Administration, Finance, Computer and Engineering sBrvices. Insurance Services Fund. Revenues in this fund are from service charges from other departments, investment income, and insurance retrospective rating adjustments. Expenditures are for Insurance premiums, self Insurance direct claims, and administration. Eauioment Fund. This fund is used to account for the maintenance and replacement of the City fleet of vehicles. Revenues are from equipment rental charges and expenditures are for personnel, materials and services and capital outlay. TRUST AND AGENCY FUNDS Trust and agency funds account for assets held by a governmental unit in a trustee capacity or as an agent for individuals, private organizations, or governmental units, and/or other funds. These include (a) expendable trust funds, (b) non expendable trust funds, (c) pension trust funds, and (d) agency funds. Cemetery Trust Fund. The Cemetery Trust fund is a nonexpendable trust fund which uses the accrual basis of accounting. Revenues are from interest income and perpetual care service charges on cemetery operations. Expenditures are for the repurchase of plots and transfers of earnings to the cemetery fund for operations. Parks Trust Fund. This fund is a nonexpendable trust fund and uses full accrual accounting. This fund accounts for funds received from Oregon Shakespearean Festival and other sources. The fundls are held in trust and earnings are spent for maintenance of lower Lithia Park. ENTERPRISE FUNDS Enterprise funds account for operations (a) that are financed and operated in a manner similar to private business enterprise -- where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods and services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that p1eriodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. Enterprise funds use full accrual basis of accounting. Hosoital Fund. Revenues are from hospital service charges. Expenditures are for hospital related costs. 198