...Title
An Ordinance ratifying the creation of and defining the operational scope of the Recreational Activities Fund.
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
The Finance Division is requesting passage of an ordinance, the highest level of decision making authority, to ratify creation of the Youth Sports Program by Resolution 2521-05, and renamed as the Recreational Activities Fund by Resolution 2673-05, as a special revenue fund as defined by Governmental Accounting Standards Board (GASB) Statement No. 54 and further define the operational scope thereof.
SOURCE OF FUNDING:
Please provide the amount requested: __N/A
Is this a budgeted item? Yes /No N/A
Please provide the budgeted amount: $_____________ Account No. ___________________________
If budgeted, is this a capital purchase, capital project, or special fund? _________________________
Was this item included in the Fiscal Year Capital Projects Plan? Yes/No
If yes, please provide the amount included in Capital Projects Plan: $___________
Body
WHEREAS, the governing body also deems it necessary to further define the operational scope of the Recreational Activities Fund to include revenues and expenditures that are a direct result of programs offered, as well as net operations of on premise concessions.
BE IT ORDAINED that the Foley City Council as follows:
Section 1. The City ratifies the creation of the Youth Sports Program adopted under Resolution 2521-05, and renamed as the Recreational Activities Fund by Resolution 2673-05, as a special revenue fund as defined by Governmental Accounting Standards Board (GASB) Statement No. 54.
Section 2. Defines the operational scope of the Recreational Activities Fund to include revenues and expenditures that are a direct result of programs offered, as well as net operations of on premise concessions.
Section 3. Pool admission, property rental, and other revenues not directly resulting from recreational programs are considered non-restricted and shall be recordable in the City's General Fund.
Section 4. All ordinances or parts of ordinances, in any manner conflicting herewith are hereby repealed.
Section 5. This ordinance shall become effective upon its publication as required by law.