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.