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HomeMy WebLinkAboutOrdinance 5455 ORDINANCE NO. 5455 AN ORDINANCE ESTABLISHING A PARKING REVENUE FUND AND RESTRICTING EXPENDITURES THEREFROM WHEREAS, Fayetteville City Code §34.04 provides that upon recommendation of the Mayor and Department of Finance, and in accordance with good municipal accounting practices, the City Council shall establish specific funds into which all receipts shall be deposited, and WHEREAS, a Parking Revenue Fund should be established pursuant to the principles set by the Government Accounting Standards Board and because revenue from this fund may be pledged to pay bonds for the construction of an Entertainment District parking deck, and WHEREAS, the Mayor and Department of Finance recommend the creation of a Parking Revenue Fund into which all parking revenue receipts which are to be retained by the City shall be deposited, NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby enacts a new §34.08 Parking Revenue Fund to the Code of Fayetteville, which shall read as follows: "§34.08 Parking Revenue Fund (A) There is hereby created a Parking Revenue Fund into which all parking receipts collected by the City shall be deposited. Parking receipts shall include both voluntary amounts paid in compliance with parking regulations, parking lease revenue, and fines levied for violation of such parking regulations. (B) Expenditures of revenues from the Parking Revenue Fund shall be restricted to: (1) operation, maintenance and improvement of existing parking facilities; (2) land acquisition, expansion and construction of new parking facilities; Page 2 Ordinance No. 5455 (3) acquisition, expansion, replacement, and improvement of parking facility equipment including vehicles; (4) payment of debt obligations, and their associated costs, issued to fund parking facility equipment, land acquisition, expansion and construction of new parking facilities; and (5) funding for any contract with the Walton Arts Center if specifically approved by the City Council." PASSED and APPROVED this day of 1 s'day of November, 2011. APPROVED: ATTEST: By./` A etat., 4�00 ELD J AN,Mayor SONDRA E. SMITH, City Clerk/Treasurer of/o,T R ' oov °°°°�,�RO°0•o'S�°�i s FAYETTEVILLE' o e9s•9�KA�SPJ•S=ems see yZ •.•• GQ oa voo`�/VG BOtA %0P City of Fayetteville Staff Review Form City Council Agenda Items and Contracts, Leases or Agreements November 1 ,2011 City Council Meeting Date Agenda Items Only Paul A Becker Finance and Internal Services Finance Submitted By Division Department Action Required: This agenda item is a request formally establish the Parking I;L., ut.Fund.by o►o(;wtrut , N/A $ Cost of this request Category/Project Budget Program Category/Project Name Account Number Funds Used to Date Program/Project Category Name Project Number Remaining Balance Fund Name Budgeted Item Budget Adjustment Attached 14. 2,6 11 Previous Ordinance or Resolution# Departm i ctor Date Original Contract Date: Original Contract Number: Cit rney Date Finance and Internal Services Director Date Received in City Clerk's Office 10-14-1 1 P01 :53 R C V Chief of S ff Date BIRO` Received in `� / Mayor's Office M yor Date Comments: Revised January 15,2009 • Ta e evi e THE CITY OF FAYETTEVILLE,ARKANSAS DEPARTMENT CORRESPONDENCE ARKANSAS CITY COUNCIL AGENDA MEMO To: Mayor Jordan and Members of the Fayetteville City Council Thru: Don Marr, Chief of Staff From: Paul A Becker, Finance Director Date: October 13, 2011 Subject: Request for an Ordinance Formally Establishing The Parking Fund Background: The Governmental Accounting Standards Board (GASB) is the standard setting body for generally accepted principals for governmental accounting (GAP).Once established these rules must be followed to receive an unqualified opinion on governmental financial statements from a CPA firm. In other words, they set the rules in the world of governmental accounting. The City of Fayetteville is required to have an annual audit performed under generally accepted accounting principals by a CPA firm and an opinion rendered on the Cities' Financial Statements. Periodically,the GASB establishes or changes accounting principles and or reporting requirements. This is done through the issuance of GASB Statements. Recently GASB has issued Statement 54 which primarily addresses a new classification method of funds balance but also touches on what is required to establish and account for separate funds. Issues• The City has traditionally accounted for and reported the Parking Fund as a separate special revenue fund in the audited financial statements but I can not find any formal document that established the fund by the Council. Because of the requirements of GASB 54 it is necessary for the Council to formally establish said Parking Fund to continue that practice.Therefore,I request the City Council establish by ordinance the Parking Fund to account for parking fees, rents, fines, charges and other revenues collected by the City with respect to meters, lots and other parking facilities. It is also requested that the Council by ordinance restrict the expenditure of revenues accumulated in the Parking Fund to the operation, maintenance and improvement of existing facilities: expansion or construction of new parking facilities, or to provide funding to the Walton Arts Center (for services provided) as the principal parking revenue generator in the Entertainment District. THE CITY OF FAYETTEVILLE,ARKANSAS BUDGET IMPACT: There is no additional cost to this request. It merely codifies the City's' past accounting and budgeting practices which clearly identify the receipt and expenditure of parking revenue to all stakeholders. ORDINANCE NO. AN ORDINANCE ESTABLISHING A PARKING REVENUE FUND AND RESTRICTING EXPENDITURES THEREFROM WHEREAS, Fayetteville City Code §34.04 provides that upon recommendation of the Mayor and Department of Finance, and in accordance with good municipal accounting practices, the City Council shall establish specific funds into which all receipts shall be deposited, and WHEREAS, a Parking Revenue Fund should be established pursuant to the principles set by the Government Accounting Standards Board and because revenue from this fund may be pledged to pay bonds for the construction of an Entertainment District parking deck, and WHEREAS, the Mayor and Department of Finance recommend the creation of a Parking Revenue Fund into which all parking revenue receipts which are to be retained by the City shall be deposited, NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE,ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby enacts a new §34.08 Parking Revenue Fund to the Code of Fayetteville,which shall read as follows: "§34.08 Parking Revenue Fund (A) There is hereby created a Parking Revenue Fund into which all parking receipts collected by the City shall be deposited. Parking receipts shall include both voluntary amounts paid in compliance with parking regulations, parking lease revenue, and fines levied for violation of such parking regulations. (B) Expenditures of revenues from the Parking Revenue Fund shall be restricted to: (1) operation, maintenance and improvement of existing parking facilities; (2) land acquisition, expansion and construction of new parking facilities; (3) acquisition, expansion, replacement, and improvement of parking facility equipment including vehicles; (4) payment of debt obligations, and their associated costs, issued to fund parking facility equipment, land acquisition, expansion and construction of new parking facilities; and (5) funding for any contract with the Walton Arts Center if specifically approved by the City Council." PASSED and APPROVED this day of lst day of November, 2011. APPROVED: ATTEST: By: By: LIONELD JORDAN, Mayor SONDRA E. SMITH, City Clerk/Treasurer FAYETTEVILLE CODE OF ORDINANCES TITLE III ADMINISTRATION CHAPTER 34: FINANCE AND REVENUE ARTICLE I Council governing collections for the city. GENERAL FISCAL POLICIES (Code 1965, §2-50; Ord. No. 1382, 1-13-64; Code 1991, §34.04) 34.01 Purpose 34.05 Budgets It is the will and purpose of the City Council that all funds collected by the city shall be duly levied and (A) The mayor shall prepare the municipal budget deposited in the Department of Finance, that all annually and submit it to the City Council for its disbursements by the city shall be in accordance with approval or disapproval and be responsible for its the rules and regulations adopted by the City Council, administration after adoption. and that proper plans for the development of municipal services by all departments of municipal (B) The approval by the City Council of the budget government shall be formulated and articulated in the shall amount to an appropriation for the purpose adoption of an annual report. of the budget of funds which are lawfully (Code 1965, §2-47; Ord. No. 1382, 1-13-64; Code 1991, applicable to the items therein contained. The §34.01) City Council may alter or revise the budget from time to time and unpledged funds appropriated State law reference(s)--Fiscal year provided, A.C.A. by the City Council for any purposes may be §14-71-102. subsequently, by action of the City Council, appropriated to another purpose, subject to the 34.02 Collection Of Funds following exceptions: All funds accruing to the city from any and all sources shall be paid into the Department of Finance. It shall (1) Funds resulting from taxes levied under be the responsibility of the Department of Finance, to statutes or ordinances for specific purposes perform such collections in a manner consistent with may not be diverted to another purpose. good accounting practices and in accordance with the rules and regulations governing the collection of funds (2) Appropriated funds may not be diverted to that are developed by the department of finance and another purpose where any creditor of the approved by the City Council. city would be prejudiced thereby. (Code 1965, §2-48; Ord. No. 1382, 1-13-64; Code 1991, (Code 1965, §2-51; Ord. No. 1215, 9-14-59; Ord. No. 1382, §34.02) 1-13-64;Code 1991,§34.05) 34.03 Disbursements State law reference(s)--Budgets in Mayor-Council municipalities,A.C.A.§14-58-201 et seq. All funds disbursed by the city shall be made by check, signed by the mayor, indicating his approval of 34.06 Auditing the expenditures, and countersigned by the The City Council shall have the financial affairs of the accounting supervisor or other appropriate city official, city audited annually by an independent certified indicating that the amount expended is in complete public accountant who is not otherwise in the service compliance with all rules and regulations governing of the city, or by the municipal audit division of the the purchase of materials and/or services as adopted state. by the City Council. (Code 1965, §2-49; Ord. No. 1382, 1-13-64; Code 1991, (Code 1965, §2-52; Ord. No. 1215, 9-14-59; Ord. No. 1382, 1-13-64;Code 1991,§34.06) §34.03) State law reference(s)--A.C.A. §14-58-101, Audit by 34.04 Establishment And Activation Of independent accountant. Funds The City Council, upon recommendation of the mayor 34.07 Adoption Of Rules And and the department of finance and in accordance with Regulations good municipal accounting practices, shall establish specific funds into which all receipts shall be (A) The City Council shall adopt from time to time, by deposited. All funds shall be established and resolution, rules and regulations submitted by the activated by rules and regulations adopted by the City Department of Finance covering the collection, CD34:3 NORTHWEST ARKANSAS DEMOCRAT-GAZETTE NORTHWEST ARKANSAS THE MORNING NEWS OF SPRINGDALE THE MORNING NEWS OF ROGERS � RM— EIRS NORTHWEST ARKANSAS TIMES �L1111 �(T LLC BENTON COUNTY DAILY RECORD 212 NORTH EAST AVENUE,FAYETTEVILLE,ARKANSAS 72701 1 P.O.BOX 1607,72702 1479-442-1700 1 WWW.NWANEWS.COM AFFIDAVIT OF PUBLICATION RECEIVED I, Cathy Wiles, do solemnly swear that I am the Legal Clerk of the Northwest Arkansas Newspapers, LLC, printed and published in NOV G 1 2011 Washington and Benton County, Arkansas, bona fide circulation, CITY OF FAYETTEVILLE that from my own personal knowledge and reference to the files CITY CLERK'S OFFICE of said publication, the advertisement of: City of Fayetteville Ordinance 5455 fi o� wwcE NO 5455 AN CptpNA N 'ESTABLISHING �A`-BARKING REVENUEFUNDANC RESTRICTING EXPENDITURES THEREFROM 1 Q Q Was inserted in the Regular Editions on: WHEREAb ave�ta�, otle 434:o4pro (�I vides that upon-r6commetfdation,of the Man " .-nxKANsns November 10, 2011 DepartmQpt of Finance,and in socordance.,vi,th,good munimpai aceountih g practices,the=' Cfly Cpuadlash�l establish specific funds into which a(I race pts s1)�Ilbe-deposited,and WHEREAS a parking Revenue Fund should beestablished pursuan�#o the pr nciplesset,by, the Govemtnent Accounting Stantlaztls Board and because revenue from this fund may be- p edged to pay l7onds for the construction of an Entertainment Diatnct'pa' --_g deck and Publication Charges: $ 116.73 EREAS the Mayor antl Department of Finance recommentlfhe creaIon f°a Park ng e ePot�ed which ail parking revenue=receipts which ere to be retained by the City r EREFORE BE IT ORDAINED BY THE 6iTy COUNCIL OF T/ CITY OF Lt Ex ARKANSAS IE•W onTf)at the City Counmi of the City of Fayetteville Arkansas hereby enpoan Ws r $34 OS Png Revenue Fund to the Code of Fayetteville jwhwh shallvread ts as foiloWs r 3s}z08 PeHdng_I-venue Fund },a k Cathy Wiles � � z �� ( Theres hereby created a Parking Revenue Fund into which all parking receipts collected by iheC �'' ali baeposdetl Parking receipts shall Include both voluntary,amounts paid n compl(*an vtth par ding regulations pari in lease revenue and fines 1evietl for woiation of suc rklnreg la}}'�ons ti �s) nb�reVenues nom the ParKn g Revenue ,un d shall be restricted to Subscribed and sworn to before me r��� proverpent of exisng park(ng faciljties ; „,�'yy""„„�, ��" MIN )tend cq�afsfb�epransion and construction of new parking fae(I(tles This j A day of A,10-&W k , 2011. 3n g. �� n� replacement and improverrlent of parking fatuity equipment. y J � e xo�dpb�ogattons and their associateQ costs,Issued topfund arkiri" faoili h r ooh apq is on expansion and consUuction of new parking facil ties and ty ep }fct with the Wallop arts Center if specif2capy approved by the City' fflQEDthis day,of 1st de of November.2011 t06>I otary Public ' By. � IeWTrau°re'r - My Commission Expires: .. I, SANDRA E SCHACHERBAUER BENTONCOUNTY NOTARY PUBUC-ARKANSAS My Commission ExPirea April 1 b,2017 Commission No.12380121 **NOTE* Please do not pay from Affidavit. Invoice will be sent.