There are hereby established the following funds for the purpose of accounting for revenues received and expenditures made in the Water Supply and Distribution Department of the City.
(A) Water Works Fund: This Fund shall be used to receive all revenues and to disperse expenditures for the operation and maintenance of the Water Supply Division and the Water Distribution Division and to disperse funds into the 1965 Water Bond Fund. Expenditures for water supply shall be accounted for separately from expenditures for water distribution.
(B) 1965 Water Bond Fund: This Fund shall be used to receive funds transferred from the Water Works Fund and to disperse expenditures to redeem the 1965 water bonds. This Fund shall show a minimum balance in accordance with the requirements of the Water Bond Ordinance and shall carry all differences between the total amount of accumulated revenue received and the expenditures that have been made during a given year.
The above Funds shall be shown in the annual accounting of the City as follows:
WATER WORKS FUND
REVENUE | EXPENDITURE
|
REVENUE | EXPENDITURE
|
1. User Charges | 1. Water Supply M & O |
2. Connection Fees | 2. Water Distribution M & O |
3. Miscellaneous | 3. 1965 Water Bond Fund |
1965 WATER BOND FUND REVENUE EXPENDITURE | |
REVENUE | EXPENDITURE
|
1. Water Works Fund | 1. Bond Redemption |
2. Accumulated Reserves | |