Subd. 1. Pursuant to the provisions of § 8.11, subd. 3 of the City Charter, there is established and continued a separate fund of the city to be known as the Electric Utilities Fund into which shall be placed all moneys received from all sources for the Public Utilities Department including gifts and tax levies, except tax levies made to pay principal or interest on utility bonds.
Subd. 2. Payment of bills incurred in the operation, maintenance and control of the Public Utilities Department shall be made from the fund.
Subd. 3. The Public Utilities Superintendent shall be the custodian of the fund and he or she shall be responsible for safekeeping, disbursement and obtaining the receipts therefor. The Public Utilities Superintendent shall submit monthly statements to the City Administrator showing the amount of money in the Electric Utilities Fund, the amount spent or chargeable against each of the annual budget allowances and the balances left in each, and such other information about the Electric Utilities Fund as requested.
Subd. 4. The Electric Utilities Fund shall be audited annually by a competent certified public accountant. A copy of the annual audit report shall be filed with the City Administrator within 30 days after completion of the audit and thereafter presented to the City Council.
Subd. 5. Notwithstanding any provisions to the contrary, surplus funds of the Electric Utilities Fund may be transferred to the general fund in the manner and amount as prescribed by resolution of the Council.
(Ord. 54, Third Series, passed 12-5-2000)