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(a) Generally. The Director of Administrative and Financial Services shall establish such funds as are necessary for the proper and efficient management and conduct of City business. All such funds shall be established and managed in accordance with applicable State statutes, City ordinances, and generally accepted accounting principles, and in accordance with principles established by the National Council on Governmental Accounting.

(b) Internal Service Funds. The Director of Administrative and Financial Services may, upon the approval of the City Manager, establish internal service funds, for the purpose of providing fiscal accountability and control over the resources provided to and the financial transactions of various divisions and sections of the Department of Administrative and Financial Services. The Director shall maintain a listing of and accounting for all active internal service funds. Periodic reports of the activity and balances of each internal service fund shall be provided for review by the City Manager.

(c) Enterprise Funds. The Director of Administrative and Financial Services may, upon the approval of the City Manager, establish enterprise funds for the purpose of providing fiscal accountability and management of fees and charges for goods or services to the general public. The Director of Administrative and Financial Services shall maintain a listing and accounting for all active enterprise funds. Periodic reports shall be prepared for review by the City Manager.

(d) Trust and Agency Funds. The Director of Administrative and Financial Services may, upon the approval of the City Manager, establish trust and agency funds for the purpose of accounting for assets held by the City in a trustee capacity or as the agent for individuals, private organizations, other governmental units, and/or other funds. The Director shall maintain a listing and accounting for all such funds. Periodic reports of the activity and balances of each such fund shall be prepared for review by the City Manager. (Ord. 18383 § 6, 1-25-05; Ord. 17226 § 82, 1-27-98. Code 1995 § 2-321.)

Cross References:Administrative and Financial Services Department, TMC 2.20.020.