The following fund categories are hereby established to assist with the financial management of special funds or accounts. Unless otherwise stated in this Chapter or required by law, such funds are to be administered as specified below.
Fund Category | Automatic Appropriation | Accumulation of Interest | Fund Balance Carries Forward |
One | No | No | No |
Two | No | No | Yes |
Three | No | Yes | No |
Four | No | Yes | Yes |
Five | Yes | No | No |
Six | Yes | No | Yes |
Seven | Yes | Yes | No |
Eight | Yes | Yes | Yes |
(a) Automatic Appropriation. Funds deposited into fund categories five, six, seven, and eight are hereby appropriated far expenditures consistent with the purpose and use of the fund, with such expenditures to be authorized by the director of the recipient department.
(b) Interest Earning. Any interest earned on the principal in fund categories three, four, seven, and eight shall be credited to the fund, provided that the balance in said fund exceeds $50,000.
(c) Carry Forward of Fund Balance. Any unexpended and unencumbered balance remaining at the close of any fiscal year in fund categories two, four, six, and eight shall be deemed to have been provided for a specific purpose within the meaning of Section 6.306 of the Charter and shall be accumulated in the fund.
(d) Automatic Closure of Funds. If no expenditures are made from any special fund or account for two fiscal years, the Controller may close said special fund or account and return any balance remaining in the fund to the General Fund.
(Added by Ord. 316-00, File No. 001911, App. 12/28/2000)