HomeMy Public PortalAbout2023-035 Resolution Establishing Certain Funds and Authorizing Other Changes Within the City's Chart of AccountsRESOLUTION 2023-035
RESOLUTION ESTABLISHING CERTAIN FUNDS AND AUTHORIZING
OTHER CHANGES WITHIN THE CITY'S CHART OF ACCOUNTS
WHEREAS, in preparation for the FY24 Budget and Capital Improvements Plan processes, staff and
contracted staff have reviewed the City's chart of accounts and proposed a number of changes; and,
WHEREAS, the intent of said changes is to: 1) segregate legally distinct funding from unrelated funds;
and 2) provide better oversight and transparency in regard to receipt and expenditure of funds.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF RIVERDALE, IOWA:
SECTION 1: The City Council directs the City Clerk to create the following new funds for the purposes
designated below:
a. 145- LMI TIF - for purposes of separately accounting for tax increment financing funds
received that are legally required to be set aside and any additional funds that the
Council determines should be set aside for the benefit of low to moderate income
households.
b. 305- TIF Capital Projects - for purposes of paying eligible tax increment financing
expenditures that will later be certified with the County Auditor for repayment with TIF
funds. Said TIF funds will first be receipted to the appropriate TIF fund and then
transferred to Fund 305 to repay the debt.
SECTION 2: The City Council hereby authorizes the renaming of the following funds:
a. 125 - From "TIF" to "State Street TIF"
b. 126 - From "TIF 2" to "Welch Farm TIF"
c. 127 - From "TIF 3" to "Fenno TIF"
SECTION 3: The City Council hereby authorizes staff to renumber the City's revenue accounts to better
conform with the Iowa Uniform Chart of Accounts. For example, General Property Tax
Revenue is to be renumbered from 001-950-4000 to 001-095-4000.
SECTION 4: All Resolutions or parts of Resolutions in conflict herewith are hereby repealed, to the
extent of such conflict.
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 1 (563) 355-2511 1 www.riverdaleia.com
iN 1uRD,14
£ST.19S
Passed and approved this 9th day of May 2023.
APPROVED:
Anthony Heddlesten, Mayor
ATTEST:
City of Riverdale, Iowa
110 Manor Drive, Riverdale, Iowa 52722 1 (563) 355-2511 1 www.riverdaleia.com