The City may establish and maintain funds, including revolving funds, for special assessment prospects or other improvements, for the purpose of accumulating moneys to be used for financing, making, acquiring, extending, altering, or repairing public improvements. Moneys so accumulated may be transferred, encumbered or otherwise disposed of only for the purpose for which accumulated unless otherwise determined and declared by formal resolution of the City Commission, and then only for the purpose of making some other public improvement.