FUND MANAGEMENT (JUNE 2005)
Binding City Policy
The Council finds:
1. The establishment of three new funds, closure of four existing funds, and renaming of four existing funds will improve the financial management and accounting of the City through the proper tracking of financial activity.
2. The Washington County Supply Bond Redemption Fund should be closed because the debt service the fund was established to pay terminated in August 2004.
3. The Miscellaneous Nonbudget Fund should be closed because it has not been used for several years, and no future use for the fund can be foreseen.
4. The Deferred Compensation Fund should be closed because the reporting requirements for which the fund was established are no longer in force.
5. The Interagency Clearing Fund should be closed because the business process that made the fund necessary is no longer in place.
6. The Parks Construction Fund should be renamed the Parks Capital Construction and Maintenance Fund to reflect the fund’s role in the receipt and disbursement of funds related to parks major maintenance. as well as parks construction.
7. The Information Technology Fund should be renamed the Technology Services Fund to reflect the fund’s new role in financing telecommunications and related services, as well as information technology services.
8. The Planning and Development Review Fund should be renamed the Development Services Fund. Council changed the name of the Office of Planning and Development Review to the Bureau of Development Services via Ordinance Number 176955 (adopted October 9, 2002), but the name of the corresponding fund was not changed.
9. The Vehicle Services Operating Fund should be renamed the CityFleet Operating Fund. Council changed the name of the Vehicle Services Division to CityFleet via Ordinance Number 178797 (adopted October 6, 2004), but the name of the corresponding fund was not changed.
a. Open the Willamette Industrial Urban Renewal Area Debt Service Fund (Fund 316/AU 278) and include it in the FY 2005-06 Adopted Budget. The Willamette Industrial Urban Renewal Area Debt Service Fund is established to achieve a proper matching of revenues and expenditures related to the newly created Willamette Industrial Urban Renewal Area and to achieve compliance with Oregon Revised Statutes, which require that a separate fund be created for each urban renewal area.
b. Open the Campaign Finance Fund (Fund 220/AU 120) and include it in the FY 2005-06 Adopted Budget. The Campaign Finance Fund is established to provide for the financing of campaigns of certified candidates for City office, and the payment of related administrative and enforcement activities.
c. Open the Utility Billing Clearing Fund (Fund 970/AU 497). The Utility Billing Clearing Fund is established to hold unapplied cash processed through the utility billing system until it can be distributed between the Bureau of Water Works and the Bureau of Environmental Services.
d. Close the Washington County Supply Bond Redemption Fund (Fund 356/AU 594).
e. Close the Miscellaneous Nonbudget Fund (Fund 911).
f. Close the Deferred Compensation Fund (Fund 914/AU 493).
g. Close the Interagency Clearing Fund (Fund 954).
h. Rename the Parks Construction Fund (Fund 505/AU 766) the Parks Capital Construction and Maintenance Fund.
i. Rename the Information Technology Fund (Fund 711/AU 550) the Technology Services Fund.
j. Rename the Planning and Development Review Fund (Fund 116/AU 520) the Development Services Fund.
k. Rename the Vehicle Services Operating Fund (Fund 705/AU 562) the CityFleet Operating Fund.
l. The actions creating three new funds, closing four existing funds, and renaming four existing funds contained in this ordinance are binding City policy.
Ordinance No. 179372, passed June 23, 2005 and effective July 1, 2005.