73-16 Establishing New Funds - Laserfiche WebLink

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ORDINANCE NO. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AMENDING CHAPTER 2, ARTICLE 14 OF THE SOUTH BEND MUNICIPAL CODE TO ESTABLISH VARIOUS NEW FUNDS: LOCAL ROAD AND BRIDGE MATCHING GRANT FUND (265), EQUIPMENT/VEHICLE LEASING FUND (750), PARKS BOND CAPITAL FUND (751), SOUTH BEND REDEVELOPMENT AUTHORITY FUND (752), SMART STREETS BOND CAPITAL FUND (753), INDUSTRIAL REVOLVING FUND (754), SOUTH BEND BUILDING CORPORATION FUND (755), SMART STREETS DEBT SERVICE FUND (756), PARKS BOND DEBT SERVICE FUND (757), THE ERSKINE VILLAGE DEBT SERVICE FUND (758), AND CHANGING THE NAME OF FUND 279 TO THE ITANNOVATION /311 CALL CENTER FUND STATEMENT OF PURPOSE AND INTENT During the preparation and adoption of the 2017 City Budget, the need has arisen to add or amend eleven (11) Funds to properly account for revenue and expenditures of the City of South Bend. Nine (9) new Funds are being added to account for trustee transactions that will be incorporated into the City's formal accounting software and budgeting process for greater efficiency and transparency. In prior years, these trustee accounts were maintained on Excel spreadsheets separate from the City's formal accounting system but have been subject to audit and have been included in the City's Comprehensive Annual Financial Report (CAFR). These Funds consists of Fund Numbers 750 to 758 and will be effective January 1, 2017. In addition, the State Board of Accounts has directed that grant monies in connection with the Communication Crossings Matching Grant should be accounted for in a separate Fund No. 265 — Local Road and Bridge Matching Grant Fund. This new Fund will be effective December 12, 2016. Finally, in connection with the recent reorganization and addition of the Innovation and Technology Department to the list of City Executive Departments (Ordinance No. 10477 -16, adopted October 10, 2016), the City has expanded the scope of Fund 279 — 311 Call Center Fund. Therefore, the name of the fund will be changed to Fund 279 - IT /Innovation/311 Call Center Fund effective January 1, 2017. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA as follows: SECTION I. Effective January 1, 2017, the following funds are established, and Chapter 2, Article 14, of the South Bend Municipal Code is hereby amended to add new sections which shall read in their entirety as follows: