(A) A nonreverting fund is established for the purpose of promoting economic development for the city and may be used for that purpose. Any future gifts that may be received by the city shall be deposited in the nonreverting fund and will continue to be used to promote economic development for the benefit of the city. The funding of the Municipal Development Fund includes proceeds of grants and bonds intended to aid in municipal development.
(B) The Municipal Development Director and Council Finance Committee shall present an annual budget to the Common Council for approval.
(1) The budget is to include income by source including actual receipts for the preceding year if applicable, anticipated receipts for the budget year and next year, commencing with the fiscal 2002 budget;
(2) The budget shall include line items approved by City Council including capital projects with line items for all major expense categories and operating expense line items, commencing with the fiscal 2004 budget;
(3) The budget is to include the year end balance of the Municipal Development Funds, by category, including the funds on deposit with the Lawrenceburg Bond Bank and other depositories, commencing with the fiscal 2002 budget; and
(4) The budget is to provide for reserves of 2.5% of current year receipts, non-reverting.
(C) The following procedure will be implemented as the approval process for payment of claims and vouchers from the Municipal Development Fund:
(1) All claims and vouchers must be presented to the Municipal Development Director for approval;
(2) Once properly certified by the Municipal Development Director, claims or vouchers for payment of operating expenses and other expenses as the Common Council may designate shall be presented to the Board of Works for approval, and all claims and vouchers for capital projects and other expenses not designated for approval by the Board of Works should be presented to the Common Council for approval; and
(3) If the claim or voucher exceeds the amount budgeted, the Board of Works must forward the same to the Common Council for additional appropriation before approval. Claims or vouchers presented to the Common Council exceeding the budgeted amount shall require appropriation before approval.
(D) The Municipal Development Director shall have the authority to certify claims or vouchers for payment without prior approval of the Board of Works or Common Council from budgeted items for $10,000 or less; however, the Municipal Development Director shall report the expenditure and the need therefor at the next scheduled meeting of the Board of Works or Common Council, whichever may be applicable.
(E) The Municipal Development Director shall provide monthly reports to the Common Council on expenditures and receipts from the Municipal Development Fund, as information becomes available from the Clerk-Treasurer's Office.
(`94 Code, § 34.03) (Ord. 93-6, passed 10-13-93; Am Ord. 3-1996, passed 4-1-96; Am. Ord. 14-1997, passed 11-1-97; Am. Ord. 2-2001, passed 4-18-01; Am. Ord. 8-2004, passed 8-2-04)
Cross-reference:
Fiber Fund, see § 36.50