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FIN-4.05 - Sewer System Safety Net Fund & Sewer Revolving Loan Fund Closure

SEWER SYSTEM SAFETY NET FUND & SEWER REVOLVING LOAN FUND CLOSURE

Binding City Policy

BCP-FIN-4.05

 


PURPOSE

Section 1.  The Council finds:

1.  Council established the Sewer System Safety Net Fund in 1987 to receive funds from the State Assessment Deferral Loan Fund and to disburse the funds as loans to low-income homeowners within the boundaries of the Mid-County Sewer Project. The loans were made to assist homeowners with the installation of sewer lines.

2.  Council established the Sewer Revolving Loan Fund in 1992 to finance the Private Plumbing Loan program, which also makes loans to low-income homeowners within the boundaries of the Mid-County Sewer Project. These loans were made to assist homeowners with the installation of private plumbing associated with required connections to the City’s sewer system.

3.  The City has repaid the State Assessment Deferral Loan Fund, and no additional loans will be made from the Sewer System Safety Net Fund. With completion of the Mid-County Sewer Project and the reduced volume of private plumbing loans, there is no accounting or financial management reason to maintain these loans in separate funds.

 


POLICY

NOW, THEREFORE, the Council directs:

 

a.  Effective June 30, 2007, the Sewer System Safety Net Fund (Fund 633) will be closed and all balance sheet accounts will be transferred to the Sewer System Operating Fund (Fund 151).

 

b.  Effective June 30, 2007, the Sewer Revolving Loan Fund (Fund 636) will be closed and all balance sheet accounts will be transferred to the Sewer System Operating Fund (Fund 151).

c.  The actions closing the Sewer System Safety Net Fund and the Sewer Revolving Loan Fund contained in this ordinance are binding City policy.

Section 2.  The Council declares that an emergency exists because it is necessary to close these funds before the end of the fiscal year in order to properly prepare financial statements for the year ending June 30, 2007; therefore this ordinance shall be in full force and effect from and after June 30, 2007.

 


HISTORY

Emergency Ordinance No. 181083, passed by City Council June 27, 2007 and effective June 30, 2007.