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 Richfield
 Code of Ordinances
 Appendix A. CITY CHARTER OF RICHFIELD
 Chapter 7. TAXATION AND FINANCES

  § 7.12. Funds to be Kept.  

Latest version.

  • There must be maintained in the City treasury the funds provided for in this section.

    (Amended, Bill No. 2003-23)

    Subdivision 1.

    General Fund. The General Fund is established for the payment of general government expenses and those obligations that the City deems proper. Into this fund are to be paid monies not otherwise provided by statute, ordinance or this Charter to be paid into any other fund.

    (Amended, Bill No. 2003-23)

    Subd. 2.

    Liquor Special Revenue Fund; Other Special Revenue Funds. A Liquor Special Revenue Fund is established into which are to be paid (i) net revenues (i.e., gross revenues less costs of operation, maintenance and pledged revenues) of the municipal liquor store, (ii) proceeds of special tax levies to support the fund, and (iii) other special revenues so designated by the Council. Expenditures from the Liquor Special Revenue Fund may be made only as authorized by the budget resolution. Monies in the fund may be expended for capital improvements only if authorized by ordinance. The Council may by resolution establish other special revenue funds and provide for the expenditure of those funds.

    (Amended, Bill No. 2003-23)

    Subd. 3.

    Utility; Enterprise Funds. One or more utility or public service enterprise funds are to be established into which are to be paid (i) the gross revenues of the appropriate utility or enterprise, (ii) the proceeds of the sale of assets of the utility or enterprise, and (iii) the proceeds of bonds or other obligations issued for the purposes of the utility or enterprise. Out of each fund are to be paid the costs, including the financing costs of the purchase, construction, operation, maintenance and repair of the utility or enterprise and other revenues as directed by the budget resolution. Separate funds must be established and kept for each separate utility or enterprise.

    (Amended, Bill No. 2003-23)

    Subd. 4.

    Trust and Agency Funds. There are to be established one or more trust and agency funds for the care and disbursement of money received and held by the City as trustee or custodian or in the capacity of an agent for individuals or other governmental units.

    (Amended, Bill No. 2003-23)

    Subd. 5.

    Discretionary Fund. A Discretionary Fund is established for payment of reasonable and necessary expenses, not otherwise payable by the City as compensation, incurred by the Mayor and Council Members for the benefit of the City. Appropriations to and expenditures from this fund are in the amounts fixed in the budget resolution. The Council may by resolution establish the purposes and procedures for the making of disbursements from this fund, including disbursements made without previous Council authorization and those disbursements are subject to audit and allowance by the Council.

    (Amended, Bill 1968-16, Bill 1990-13; Bill No. 2003-23)

    Subd. 6.

    In addition to the foregoing funds, there may be maintained in the City treasury, (i) one or more working capital or revolving funds, for financing self-sustaining activities not accounted for through other funds; and (ii) such other funds as may be required by law, ordinance or the Charter.

    (Amended, Bill No. 2003-23)

    Subd. 7.

    Council may make interfund loans by resolution where permitted by law except from Trust and Agency funds.

    (Amended, Bill No. 2003-23)