There shall be established and maintained separate and distinct funds in accordance with the following.
(A) Revenues. All moneys received by the city shall be credited to the proper funds as required by law, ordinance or resolution.
(B) Expenditures. No disbursement shall be made from a fund unless such disbursement is authorized by law, ordinance or resolution, was properly budgeted and supported by a claim approved by the Council.
(C) Emergency fund. No transfer may be made from any fund to the emergency fund.
(D) Debt service fund. Except where specifically prohibited by state law, moneys may be transferred from any other city fund to the debt service fund to meet payments of principal and interest. Such transfers must be authorized by the original budget or a budget amendment.
(E) Capital improvements reserve fund. Except where specifically prohibited by state law, moneys may be transferred from any city fund to the capital improvements reserve fund. Such transfers must be authorized by the original budget or a budget amendment.
(F) Utility and enterprise funds. The governing body of a city utility, combined utility system, city enterprise or combined city enterprise which has a surplus in its fund may transfer said surplus to any other city fund, except the emergency fund, by resolution. A SURPLUS shall be defined in accordance with generally accepted accounting principles as promulgated by the American Institute of Certified Public Accountants. No transfer shall be made that is in violation of state law or rules of the City Finance Committee.
(G) Balancing of funds. Fund accounts shall be reconciled at the close of each month and a report thereof submitted to the Council.
(2011 Code, § 1.0404) (Ord. 2384, passed 9-8-2020)