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(A) An account is established for the purpose of depositing monies from the granting agency, appropriations from city accounts or from any lawful source for paying the required obligations for the City of Madison on the accepted grant.
(B) The account shall be named the Indiana Humanities Grant Nonreverting Fund and all funds contained in the account shall be expended only for the exclusive purpose of paying expenses related to the grant.
(C) The account shall be nonreverting and exist perpetually unless terminated by a subsequent ordinance enacted by the Common Council.
(D) If the account is terminated by a subsequent ordinance enacted by the Common Council, the remaining balance of the terminated account shall revert to the general budget of the Common Council.
(Ord. 2021-12, passed 9-21-21)
(A) An account is established for the purpose of depositing monies from the granting agency, appropriations from city accounts or from any lawful source for paying the required obligations for the City of Madison on the accepted grant.
(B) The account shall be named the National Trust Grant Nonreverting Fund and all funds contained in the account shall be expended only for the exclusive purpose of paying expenses related to the grant.
(C) The account shall be nonreverting and exist perpetually unless terminated by a subsequent ordinance enacted by the Common Council.
(D) If the account is terminated by a subsequent ordinance enacted by the Common Council, the remaining balance of the terminated account shall revert to the general budget of the Common Council.
(Ord. 2021-13, passed 9-21-21)
(A) An account is established for the purpose of depositing monies from the granting agency, appropriations from city accounts or from any lawful source for paying the required obligations for the City of Madison on the accepted grant.
(B) The account shall be named the Historic Preservation Fund Grant Nonreverting Fund and all funds contained in the account shall be expended only for the exclusive purpose of paying expenses related to the grant.
(C) The account shall be nonreverting and exist perpetually unless terminated by a subsequent ordinance enacted by the Common Council.
(D) If the account is terminated by a subsequent ordinance enacted by the Common Council, the remaining balance of the terminated account shall revert to the general budget of the Common Council.
(Ord. 2021-17, passed 10-19-21)
(A) An account is established for the purpose of depositing monies from Riverfront District License Fees, donations, grants, appropriations from city accounts or from any lawful source for paying the required obligations for the city Economic Development.
(B) The account shall be named the Economic Development non- reverting fund and all funds contained in the account shall be expended only for the exclusive purpose of paying expenses related to marketing, marketing strategies, research, grant matches, travel, and projects associated with retention and attraction of business ventures.
(C) The account shall be nonreverting and exist perpetually unless terminated by a subsequent ordinance enacted by the Common Council.
(D) If the account is terminated by a subsequent ordinance enacted by the Common Council, the remaining balance of the terminated account shall revert to the general budget of the Common Council.
(E) Any funds needed for projects, acquisition, administration, or enforcement under this chapter shall be subject to the standard processes and policies that govern the city budgeting and expenditures.
(Ord. 2022-7, passed 5-17-22; Am. Ord. 2023-7, passed 5-3-23)
(A) Accounts for each READI grant project are established for the purpose of depositing monies from the granting agency, appropriations from city accounts or from any lawful source for paying the required obligations for the City of Madison on the accepted grants.
(B) (1) The accounts shall be named:
(a) Gateway Park READI Grant Non-reverting Fund.
(b) Mulberry Street Arts Corridor READI Grant Non-reverting Fund.
(c) Hanover-Madison Connector Trail READI Grant Non-reverting Fund.
(d) Indiana Music City Amphitheater READI Grant Non-reverting Fund.
(e) Ohio Theatre READI Grant Non-reverting Fund.
(2) All funds contained in the accounts shall be expended only for the exclusive purpose of paying expenses related to the grants.
(C) The accounts shall be nonreverting and exist perpetually unless terminated by a subsequent ordinance enacted by the Common Council.
(D) If either account is terminated by a subsequent ordinance enacted by the Common Council, the remaining balance of the terminated account shall revert to the general budget of the Common Council.
(Ord. 2022-27, passed 10-18-22; Am. Ord. 2023-5, passed 4-18-23)
FIXED ASSET CAPITALIZATION POLICY
For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
"CAPITAL OUTLAYS." Expenditures which benefit both the current and future fiscal periods. This includes costs of acquiring land or structures; construction or improvement of buildings, structures or other fixed assets; and equipment purchases having an appreciable and calculable period of usefulness. These are expenditures resulting in the acquisition of or addition to the government's general fixed assets.
"ENTERPRISE FUNDS." Those funds used to account for operations (a) that are financed and operated in a manner similar to private business enterprise, where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability and other purposes. The enterprise funds of the city shall include the municipally-owned water and sewage utilities. Operation of these utilities shall require enterprise fund accounting and reporting.
"FIXED ASSET." Tangible assets of a durable nature employed in the operating activities of the unit and that are relatively permanent and are needed for the production or sale of goods or services are termed property, plant and equipment or fixed assets. These assets are not held for sale in the ordinary course of business. This broad group is usually separated into classes according to the physical characteristics of the items (e.g. land, buildings, improvements other than buildings, machinery and equipment, furniture and fixtures).
“HISTORICAL COST." The cash equivalent price exchanged for goods or services at the date of acquisition. Land, buildings, equipment, and most inventories are common examples of items recognized under the historical cost attribute.
“TANGIBLE ASSETS.” Assets that can be observed by one or more of the physical senses. They may be seen and touched and, in some environments, heard and smelled.
(Ord. 2000-13, passed 12-5-00)
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