HomeMy WebLinkAboutResolution 4322 Closing Four Special Revenue Funds into the General FundCOMMISSION RESOLUTION NO. 4322
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
BOZEMAN, MONTANA, CLOSING FOUR SPECIAL REVENUE FUNDS
INTO THE GENERAL FUND AT THE END OF FISCAL YEAR 2011, AND
ADDING THEIR ASSETS AND LIABILITES TO THE GENERAL FUND.
WHEREAS, the City Commission did, on the 6th day of June, 2011, hear the City Manager's
presentation of the Budget Recommendations for Fiscal Year 2011-2012 (Fiscal Year 2012, also FY12);
and
WHEREAS, the City Manager's Recommended Budget contains changes to the City's
Financial Policies that bring the City in compliance with the new requirements of the Governmental
Accounting Standards Board's Statement No 54 "Fund Balance Reporting and Certain Governmental
Fund T ypes, "; and
WHEREAS, for decades, the City has maintained separate Special Revenue Funds to receive
tax levies related to "Police Retirement", "Firefighter Retirement", "Public Employees Retirement", and
"Comprehensive Insurance" and transfer these monies to the General Fund; and
WHEREAS, in 1999 these tax levies became subject to the provisions of the City's All
Purpose Tax levy under Montana Code Annotated Title 15, Section 10, Part 4; and
WHEREAS, all of the expenditures related to these purposes have been recorded in the
General Fund; and
WHEREAS, the Goverrimental Accounting Standards Board's Statement No 54 "Fund
Balance Reporting and Certain Governmental Fund, T ypes " would require these monies to be reported
in the City General Fund absent any specific commitment of the revenues; and
WHEREAS, the City Manager's Recommended Budget notes that the tax levies that are
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subject to Montana Code Annotated Title 15, Section 10, Pad 4 for "Police Retirement", "Firefighter
Retirement", "Public Employees Retirement", and "Comprehensive Insurance" have been included in
the City's "All Purpose Levy" for Fiscal Year 2012.
WHEREAS, the City intends to continue to levy taxes and pay the costs associated with
"Police Retirement", "Firefighter Retirement", "Public Employees Retirement", and "Comprehensive
Insurance" in the General Fund.
NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of Bozeman,
Montana, to wit:
Section I
That at the end of Fiscal Year 2011 (June 30, 2011) the following Special Revenue Funds will
be closed:
Fund 104 Comprehensive Insurance
Fund 105 Public Employees Retirement
Fund 106 Police Retirement
Fund 107 Firefighter Retirement
Section 2
In closing each fund, the fund's assets and liabilities will be transferred to the General Fund.
Section 3
The City will continue to levy for the purposes of "Police Retirement", "Firefighter
Retirement", "Public Employees Retirement", and "Comprehensive Insurance" in its All Purpose
Tax Levy, deposited to the General Fund.
Section 4
This resolution shall become effective upon passage.
Section 5
That should it be found by any court of competent jurisdiction that any section, clause,
portion, sentence, word, or phrase of this resolution is deemed to be contrary to any existing law or
regulations, that in this instance, it is the intent of the City Commission of the City of Bozeman,
Montana, that all other portions, sections, words, clauses, phrases, or paragraphs of this document shall
remain in full force and effect.
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PASSED AND APPROVED by the City Commission of the City of Bozeman, Montana, at a
regular session thereof he on the 2713 day of June, 2011
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