The Director of Finance is authorized to establish agency funds to account for assets held by the City as an agent for individuals, private organizations, other political subdivisions and other third party funds held by the City. Agency funds, being of a custodial nature, are recognized by Generally Accepted Accounting Principles (GAAP) as being exempt from the City's formal budgetary accounting requirements and, therefore, do not require appropriation by the City Commission.
(Ord. 88-319. Passed 5-31-88.)