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A. Fund Created: There is created an Enterprise Fund known as the Solid Waste and Recycling Management Fund. All funds received from, or expended in connection with, general solid waste management services and green waste trailer reservations shall be accounted for in the Solid Waste and Recycling Management Fund separate and apart from all other City funds. The collection, accounting and expenditure of all such funds shall be in accordance with existing fiscal policies of the City.
B. Annual Transfer: Beginning fiscal year 2014, there shall be, each fiscal year, an operational transfer from the City's Solid Waste and Recycling Management Fund to the City's General Fund of eight percent (8.00%) of total operating revenue as used and defined in the Utah Uniform Fiscal Procedures Act. Such transfer shall not prohibit acts and other services being rendered to other departments of the City.
C. Investments, Cash And Cash Equivalents Reserves (Reserve): The reserve level for the Solid Waste and Recycling Management Fund (the "fund") is twenty five percent (25%) of operating revenue ("reserve level"). This reserve level is to provide cash liquidity and operational stability in case of situations such as natural disasters, equipment failure, economic uncertainty, and weather variations. As a result of onetime expenses, the reserve level may fluctuate, provided however that the reserve level should not be drawn upon for ongoing operational expenses. If reserves are drawn below the reserve level, the fund will replenish reserves to the reserve level within five (5) years. (Ord. 16-01)