10060-10 Creating- Community and Economic Development Adminstration Fund (#211)

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ORDINANCE NO. ~ ~ 1"~ ~ ~'~ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, CREATING A COMMUNITY AND ECONOMIC DEVELOPMENT ADMINISTRATION FUND (#211) STATEMENT OF PURPOSE AND INTENT For many years, the administration of the City of South Bend Community and Economic Development Department ("Department") has been accounted for in Fund 212 -Community and Economic Development Fund. In addition to the costs of operating the Department, Fund 212 has also been used to account for Community Development Block Grant, Neighborhood Stabilization Program, Homeless Prevention and Rapid Re-housing Program and a variety of other federal grant programs. Thus, it is in the best interest of the City to establish a new Community and Economic Development Administration Fund (#211), which will account exclusively for the personnel, supply, services and capital costs of running the Department. The accounting for grant monies and other federal assistance will remain in Fund 212. The Community and Economic Development Administration Fund (#211) will be classified in the annual financial report as a special revenue Fund and will receive funding from transfers in, charges for services and other revenue sources. The new Fund 211 will be anon-reverting fund and will earn interest on outstanding cash balances. The Fund will be subject to appropriation by the City of South Bend Common Council. The 2011 budget for Fund 211 was passed by the Common Council on October 25, 2010. In January 2011, City of South Bend accounting staff will determine the proper distribution of cash balances, as of January 1, 2011, to Funds 211 and 212 based on grant and other accounting and legal requirements. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA as follows: SECTION I . A Community and Economic Development Administration Fund (#211) is created to account for the personnel, supply, services and capital costs of operating the Department of Community and Economic Development. This Fund shall be non-reverting and shall earn interest on outstanding cash balances. The Fund will be subject to appropriation by the City of South Bend Common Council. SECTION II. The Community and Economic Development Administration Fund (#211) will be established effective January 1, 2011. In January 2011, City of South Bend accounting staff will determine the proper distribution of cash balances, as of January 1, 2011, to Funds 211 and 212 based on grant and other accounting and legal requirements.