(A) Established. Under I.C. § 8-22-2-7(c) the Aviation Fuel Non-Reverting Fund 240 ("Fuel Fund") is created that the City Clerk-Treasurer will maintain for the BOAC.
(B) Funding. This Fuel Fund will be funded by separate appropriations or transfers as authorized from time to time by the Crawfordsville Common Council, as the city's fiscal body.
(C) Use. The Fuel Fund will be used exclusively by the BOAC for the purchase of fuels and lubricants to be sold to the general public in the operation of the Crawfordsville Municipal Airport; and paying the costs of personnel, supplies, and equipment necessary for the operation and maintenance of the airport fueling system.
(D) Discretionary transfers. Notwithstanding division (C), the BOAC, in its discretion, may at any time transfer profits from the sale of fuels and lubricants to:
(1) The aviation fund; or
(2) A reserve or depreciation account created for the airport.
(E) Accounting. All funds received from the sale of fuels and lubricants purchased with Fuel Fund monies must be turned over to the City Clerk-Treasurer at least once a month for deposit into the Fuel Fund. The BOAC will disburse these funds to purchase fuels and lubricants for sale to the public in the airport's operation, and paying the cost of personnel, supplies, and equipment necessary for the operation and maintenance of the airport fueling system, or make transfers under this chapter.
(F) Annual reconciliation. At the end of each fiscal year, the BOAC must report to the Common Council, as fiscal body, showing the money received and paid over to the Clerk-Treasurer to the credit of the Fuel Fund, and also showing the amount and value of fuels and lubricants on hand.
(G) Excess funds. If at the end of the fiscal year the accumulated Fuel Fund balance, plus the value of inventory of fuels and lubricants on hand, exceeds the total previous year's expenditures by 25%, the excess must be transferred to the general aviation fund.
(H) Non-reverting fund. This is a non-reverting fund.
(Ord. 1-2015, passed 2-9-15; Am. Ord. 19-2018, passed 8-13-18)