(A) Establishment of Rotary Fund. Pursuant to the provisions of IC 8-22-2-7(c) there is created within the Department of Aviation a Fuel and Lubricants Rotary Fund to be used exclusively for the purchase of fuels and lubricants to be sold to the general public in the operation of the airport.
(B) Funding. The Rotary Fund established in division (A) hereof shall be funded by separate appropriations or transfers as maybe authorized from time to time by the Common Council as a fiscal body.
(C) Accounting procedures for monies received. All funds received from the sale of fuels and lubricants purchased with Rotary Fund monies shall be turned over to the Office of the City Controller at least once a month for deposit into the Fuel and Lubricants Rotary Fund. Such funds shall be disbursed by the Board of Aviation Commissioners solely for the purpose of purchasing fuels and lubricants for sale to the public in the operation of the airport.
(D) Annual reconciliation. At the end of each fiscal year, the Board of Aviation Commissioners shall make a detailed report to the Common Council, as fiscal body, showing the amount of money received and paid over to the Controller to the credit of the Fuel and Lubricants Rotary Fund, and also showing the amount and value of fuels and lubricants on hand.
(E) Treatment of excess funds. If at the end of the fiscal year the accumulated Fuel and Lubricants Rotary Fund balance, plus the value of inventory of fuels and lubricants on hand, exceeds the total previous appropriation to the fund by 25%, the excess shall be transferred to the General Aviation Fund.
(Ord. 6415, passed 3-13-06)