HomeMy WebLinkAbout18605I
2
ORDINANCE NO. 18,605
3 AN ORDINANCE TO AMEND ARTICLE VI, CHAPTER 2, OF THE
4 REVISED CODE OF ORDINANCES TO ESTABLISH OBJECTIVE
s STANDARDS FOR FINANCIAL REPORTS SUBMITTED TO THE
6 BOARD OF DIRECTORS; TO DECLARE AN EMERGENCY; AND FOR
7 OTHER PURPOSES.
8
9 WHEREAS, the City of Little Rock, Arkansas, has an annual budget that is in excess
10 of one hundred and sixty million ($160,000,000) dollars, and
11 WHEREAS, the combined assets for the City from all funds, including the primary
12 City government assets as well as those from capital projects, enterprise funds, external
13 boards and commissions, and other sources, is at least one billion, two hundred and
14 twenty two million, four hundred and fifty thousand, nine hundred and eighty four
15 dollars ($1,222,450,984), according to the Comprehensive Annual Financial Report for the
16 City of Little Rock, Arkansas, for the year ended December 31, 2000, and
17 WHEREAS, the Board believes that financial reporting for a public sector entity
18 such as the City of Little Rock, Arkansas, should conform to all relevant state laws, as well
19 as the Governmental Accounting, Auditing, and Financial Reporting standards as set out
20 by the Government Finance Officers Association, and should also be in a format that is
21 clearly recognizable to the members of the Board of Directors, as well as to the members of
22 the public, and
23 WHEREAS, these statutes and standards permit some variation in the way that
24 financial information is reported, so that in fulfilling these goals in the past, the City has
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1 not always used the same method which, among other things, makes comparisons of
2 financial reports difficult and, for those not aware of how the City wishes to have this
3 information reported, can lead to misunderstanding of what information is being
4 provided, and
5 WHEREAS, to avoid these concerns the Board of Directors has concluded that it
6 would be appropriate to adopt a uniform method of reporting financial information to be
7 used by the City Manager, the Director of Finance & Treasurer, and the staff of the City
S finance department,
9 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
10 THE CITY OF LITTLE ROCK, ARKANSAS:
11 Section 1. Article VI, Chapter 2 of the City of Little Rock, Arkansas, Revised
12 Code of Ordinances is hereby amended to include the following provisions.
13 Section 2. Title. This ordinance shall be known as the "Financial Reporting
14 Standards for the City of Little Rock, Arkansas."
15 Section 3. Definitions. The following terms, as used in this ordinance or in
16 financial reports prepared pursuant to this ordinance, shall have the definitions set forth
17 below:
18 (A) Accrual Basis of Accounting means a Basis of Accounting that
19 recognizes the financial effect of transactions, events, and interfund activities when
20 they occur, regardless of the timing of related cash flows.
21 (B) Basis of Accounting means the method used to capture the timing of
22 recognition, that is, when the effects of transactions or events should be recognized
23 for financial reporting purposes. For example, the effects of transactions or events
24 can be recognized on an accrual basis - i.e., when the transaction or event takes
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1 place — or on a cash basis — i.e., when cash is received or paid. Basis of Accounting
2 is an essential part of measurement focus because a particular timing of recognition
3 is necessary to accomplish a particular measurement focus. The Cash Basis of
4 Accounting shall not be used by the City except to account for miscellaneous cash
s revenues such as fines, permits, licenses, and fees that are not accrued, or for other
6 items not practicably measured until cash is received.
7 (C) Board of Directors means the Mayor and members of the Board of
s Directors of the City of Little Rock, Arkansas.
9 (D) City means the City of Little Rock, Arkansas.
10 (E) City Clerk means the City Clerk , or designated representative, of the
11 City, or if no one is officially serving in the position, the Acting City Clerk, or
12 designated representative.
13 (F) City Manager, means the City Manager, or designated representative,
14 of the City, or if no one is officially serving in the position, the Acting City Manager,
1s or designated representative, which may include an Acting Assistant City Manager.
16 (G) Cost Basis of Accounting means a Basis of Accounting that recognizes
17 transactions or events when related cash amounts are received or disbursed.
18 (H) Consistency means the principle according to which once an
19 accounting principle or reporting method is adopted, it will be used for all similar
20 transactions and events.
21 (I) Director of Finance means the City Director of Finance and Treasurer,
22 or designated representative, or if no one is serving in the position, the Acting
23 Director of Finance and Treasurer.
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1 (J) Expenditures means decreases in net financial resources under the
2 current financial resources measurement focus, and pertains to payment of normal
3 operating payments and encumbrances. Expenditures are measured in
4 governmental fund accounting.
5 (K) Expenses mean the cost of doing business in a proprietary
6 organization, and can be either outflows or the using up of assets — cost expiration —
7 such as the depreciation of fixed assets. Within the context of this ordinance,
8 "proprietary organization" or "proprietary fund" refers only to a method of
9 accounting, and is not used as any reference to whether the enterprise is conducted
10 in a governmental or proprietary manner as that term is understood in Arkansas
11 law. The City shall operate all enterprises referred to in this ordinance in its
12 governmental capacity.
13 (L) Fund Balance means the difference between assets and liabilities
14 reported in the governmental fund. The Fund Balance is the excess of revenue or
15 expenditures that has accumulated since the inception of the fund.
16 (M) Generally Accepted Accounting Principles (GAAP) means the
17 conventions, rules and procedures that serve as the norm for the fair presentation of
18 financial statements. Cash basis and income tax basis are not considered to be in
19 accordance with GAAP.
20 (N) Government Fund Type means funds generally used to account for tax -
21 supported activities. There are five different types of governmental funds: The
22 General Fund; Special Revenue Funds; Debt Service Funds; Capital Project Funds;
23 and, Trust Funds.
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1 (0) Modified Accrual Basis of Accounting means a Basis of Accounting
2 according to which (1) revenues are recognized in the accounting period in which
3 they become available and measurable and (2) expenditures are recognized in the
4 accounting period in which the fund liability is incurred, if measurable, except for
5 unmatured interest on general long -term debt and certain similar accrued
6 obligations, which should be recognized when due.
7 (P) Month -end Close means the fifteenth (15,h) working day of the month
8 following the report month.
9 (Q) Proprietary Fund Type means funds that focus on the determination of
to operating income, changes in net assets — or cost recovery — financial position, and
11 cash flows. There are two different types of proprietary funds: Enterprise Funds;
12 and, Internal Service Funds. Within the context of this ordinance, "proprietary
13 organization," or "proprietary fund" refers only to a method of accounting and is
14 not used as any reference to whether the enterprise is conducted in a governmental
15 or proprietary manner as that term is understood in Arkansas law. The City
16 operates all enterprises referred to in this ordinance in its governmental capacity.
17 (R) Restricted Reserve Fund means a portion of the Governmental Fund
18 Type's net assets that are accounted for in a restricted fund balance which is not
19 available for appropriation without a special and specific action of the Board of
20 Directors.
21 (S) Retained Earnings means the excess of revenue or expenditures that
22 has accumulated since the inception of a Proprietary Fund.
23 (T) Revenue(s) means: (1) Increases in the net current assets of a
24 Governmental Fund Type from other than expenditure refunds and residual equity
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1 transfers , but does not include any general long -term debt proceeds and operating
2 transfers in — which are classified as "other financing sources" -- unless these
3 constitute a reservation of fund balances for encumbrances carried forward from
4 the prior year and the expenditure for which the fund balance was created has also
5 been carried forward; or (2) Increases in the net total assets of a Proprietary Fund
6 Type from other than expense refunds, capital contributions and residual equity
7 transfers, but does not include operating transfer in which are classified separately
8 from revenues unless these constitute a reservation of fund balances for
9 encumbrances carried forward from the prior year and the expense for which the
10 fund balance was created has also been carried forward.
11 Section 4. Account Reconciliation. The City shall reconcile the City's financial
12 records of cash receipts and expenditures to the amount on deposit in all accounts in all
13 financial institutions, or otherwise invested, on a monthly basis.
14 Section 5. Monthly Financial Report. The Board of Directors shall receive a
15 Monthly Financial Report as follows:.
16 (A) Fund balance reports shall be prepared and submitted to the Board of
17 Directors by the City Manager and Director of Finance within a reasonable time after the
18 month -end close as follows:
19 (1) A Monthly Financial Report — Governmental Fund Type which is an
20 unaudited Statement of Revenues, Expenditures, and Changes in Fund Balances
21 which also shows a comparison of budgeted to actual amounts;
22 (2) A Monthly Financial Report — Proprietary Fund Type which is an
23 unaudited Statement of Revenues, Expenses and Changes in Retained Earnings
24 which also shows a comparison of budgeted to actual amounts;
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I (B) For purposes of this section, a "reasonable time after month -end close' shall
2 mean one calendar week after month -end close unless the Director of Finance, prior to that
3 time, notifies the Board of Directors in writing that the time frame cannot be met because
4 of circumstances beyond the City's control and, provided that the report(s) will be
5 published to the Board of Directors in accordance with this ordinance as soon as
6 reasonably possible which shall be within a time period not to exceed thirty (30) calendar
7 days from the initial due date for the report(s).
8 (C) For purposes of this section, any report issued shall also contain a written
9 explanation of significant variances of actual revenues and expenditures, or actual
10 revenues and expenses. The definition of a significant variance for any fiscal year shall be
11 determined by the Board of Directors and shall be defined in a section of the annual
12 budget ordinance for that fiscal year;
13 (D) Absent a signed and detailed written statement to the contrary, which may
14 be presented independently by either the City Manager or the Finance Director in the
15 exercise of their best professional judgment, the publication to the Board of Directors of
16 any Monthly Financial Report shall be deemed the equivalent of an affirmation by the City
17 Manager and the Director of Finance that for the period identified in the report:
18 (1) The report has been prepared from the accounting records of the City;
19 and
20 (2) The City Manager and the Director of Finance believe the accounting
21 records accurately reflect:
22 (a) For the Governmental Fund Type, the revenues and the
23 expenditures and the fund balances; or
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(b) For the Proprietary Fund Type, the revenues and the expenses
and the retained earnings.
(E) The Board shall include the Monthly Financial Report as an agenda item at
the first regular meeting after its receipt, and the City Manager and Director of Finance
shall be present formally to present the report and to answer any questions that may arise.
(F) The Monthly Financial Report shall appear in substantially the following
format:
(1) For the Monthly Financial Report — Governmental Fund Type:
City of Little Rock, Arkansas
Monthly Financial Report
Governmental Type Fund
For the Period Ended
REVENUES:
General Property Taxes
Sales taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and fees
Utility franchise fees
Investment income
Miscellaneous
TOTAL REVENUES:
EXPENDITURES:
GENERAL GOVERNMENT:
General Administration
Mayor & Board of Directors
City Manager
Community Programs
City Attorney
Cable TV
Municipal Court - Criminal
Ordinance
Financial Reporting Requirements
(Unaudited)
Budget Actual Variance
Favorable (unfavorable)
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MONTHLY FINANCIAL REPORT- Budget Actual Variance
Governmental Fund Type (con't) Favorable (unfavorable)
GENERAL GOVERNMENT (cori t):
Municipal Court - Environmental
Municipal Court - Traffic
Finance
Human Resources
Information Technology
Planning & Development
TOTAL GENERAL GOVERNMENT
PUBLIC WORKS
PARKS & RECREATION
FIRE
POLICE
HOUSING & NEIGHBORHOOD PROGRAMS
TOTAL EXPENDITURES:
REVENUES OVER (UNDER) EXPENDITURES:
OTHER FINANCING SOURCES/USES:
TRANSFERS IN
TRANSFERS OUT
REVENUES AND OTHER FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER FINANCING USES:
BEGINNING FUND BALANCE: —
ENDING FUND BALANCE:
This Monthly Financial Report– Governmental Fund Type was presented to the
Little Rock Board of Directors at its regular meeting of
(2) For the Monthly Financial Report – Proprietary Fund Type:
City of Little Rock, Arkansas
Monthly Financial Report
Proprietary Type Fund
For the Period Ended
(Unaudited)
Budget Actual Variance
Favorable (unfavorable)
36 H
37 OPERATING REVENUES:
38 Charges for services
39 Miscellaneous
40 TOTAL OPERATING REVENUES
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MONTHLY FINANCIAL REPORT -- Budget Actual Variance
Proprietary Fund Type (eon't) Favorable (unfavorable)
3 OPERATING EXPENSES:
4 Personnel Services
5 Supplies and materials
6 Services and other expenses
7 Utilities
8 Repairs and maintenance
9 Closure and postclosure costs
10 Depreciation and amortization
11 TOTAL OPERATING EXPENSES
12 OPERATING INCOME (LOSS)
13 NONOPERATING REVENUES (EXPENSES):
14 Investment income
15 Grants received
16 Interest expense
17 Gain (loss) on disposal of fixed assets
18 Other, net
19 INCOME (LOSS) BEFORE OPERATING TRANSFERS
20 OPERATING TRANSFERS:
21 Operating transfers in
22 Operating transfers out
23 NET INCOME (LOSS)
24 BEGINNING RETAINED EARNINGS
25 ENDING RETAINED EARNINGS
26 This Monthly Financial Report — Proprietary Fund Type was presented to the
27 Little Rock Board of Directors at its regular meeting of
28 Section 6. Quarterly Fund Balance Report.
29 (A) Within a reasonable period of time after month -end close for the last month
30 in a quarter, the City Manager and Finance Director shall prepare and publish to the Board
31 of Directors a report that shows the balance of all City's funds.
32 (B) For purposes of this section, a "reasonable time after month -end close for the
33 last month in a quarter" shall mean thirty (30) calendar days after month -end close unless
34 the Director of Finance, prior to that time, notifies the Board of Directors in writing that
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the time frame cannot be met because of circumstances beyond the City's control,
provided the Quarterly Fund Balance Report shall be published to the Board of Directors
as soon as reasonably possible, and in any event within thirty (30) calendar days from the
initial due date for the report.
(C) Absent a signed and detailed written statement to the contrary, which may
be presented independently by either the City Manager or the Finance Director in the
exercise of their best professional judgment, the publication to the Board of Directors of
any Quarterly Fund Balance Report shall be deemed the equivalent of an affirmation by
the City Manager and the Director of Finance that for the period identified in the report:
(1) The report has been prepared from the accounting records of the City;
and
(2) The City Manager and the Director of Finance believe the financial
records accurately reflect:
(a) The fund balances; and
(b) The retained earnings.
(D) The Quarterly Fund Balance Report shall appear in substantially the
following format:
REVENUES.
General Property Taxes
Sales Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and fees
Utility franchise fees
Investment incomes
Ordinance
Financial Reporting Requirements
City of Little Rock, Arkansas
Quarterly Fund Balance Report
For the Three Months Ended
(Unaudited)
GF BSR OSR CP DS EF ISF T TOTAL ACTUAL
B A B A A A A BA B A A (Memorandum only)
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Quarterly Fund Balance Report (con't) GF BSR OSR CP DS EF ISF T TOTAL ACTUAL
B A B A A A A BA BA A (Memorandum only)
Miscellaneous — — _ — —
— — — — -- —
TOTAL REVENUES — — — — —
— — — — -- — —
EXPEN DITURESIEXP ENS ES:
General Government — — — — —
— — — — -- — —
Public Works — — — — —
— — — — -- — —
Parks & Recreation — — — — —
— — — — — — —
Fire -- -- —
— — -- -- —
Police — — — — —
— — — — -- — —
Housing — — — — —
— — — — -- —
Education — — — — —
— — — — — — —
Capital Outlay — — — — —
— — — — -- — —
Depreciation — — — — —
— — — — -- —
TOTALEXPENDITURES /EXPENSES — — — — —
— — — — -- — —
REVENUES OVER(UNDER) EX-
PENDITURES /EXPENSES — — — — —
— — — — -- — —
OTHER FINANCING SOURCES/
USES:
Transfers In — — — — —
— — — — — — —
Transfers Out — — — — —
— — — — -- —
Grants Received — — — — —
— — — — -- —
Interest expense — _ — _ —
— — — — — — — —
Gain (Loss) on disposal of fixed
Assets: — — — — —
— — — — — — — —
Other — — _ — —
— — — — -- — —
REVENUES AND OTHER FINAN-
CING SOURCES OVER (UNDER)
EXPENDITURES /EXPENSES AND
OTHER FINANCING USES: — — — — —
— — — — -- — —
BEGINNING FUND BALANCE/
RETAINED EARNINGS: — — — — —
— — — — -- — —
RECONCILIATION OF ENDING
FUND BALANCEIRETAINED
EARNINGS:
Reserve Fund balance — — — — —
— — — — -- —
Other fund balances — — — — —
— — — — — — — —
TOTAL FUND BALANCES: — — — — —
— — — — --
This Quarterly Fund Balance Report was presented to the
Little Rock
Board of Directors at its regular meeting of
Identification of Initials:
GF General Fund
EF Enterprise Funds
BSR Budgeted Special Revenues
ISF Internal Service Funds
OSR Other Special Revenues
T Trust Funds
CF, Capital Project
A Actual
DS Debt Service
B A Budgeted as compared to Actual
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1 Section 7. Semi - annual Financial Reports. In addition to the reports required in
2 this ordinance, the City Manager and Financial Director shall prepare and publish any
3 financial statement or report as to City funds of whatever type as required by state law, or
4 within thirty (30) calendar days after the month -end close for June and December of each
5 fiscal year, whichever is sooner.
6 Section 8. Publication of Financial Reports. In addition to publishing reports
7 required in this ordinance to the Board of Directors, the City Manager and Financial
8 Director and City Clerk shall also publish them as follows:
9 (A) Monthly Financial Reports shall be made available to the public, and shall be
10 published:
11 (1) On any government access channel the City maintains with a cable
12 television operator; and,
13 (2) On any website the City maintains.
14 (B) Quarterly Fund Balance Reports shall be made available to the public, and
15 shall be published:
16 (1) On any government access channel the City maintains with a cable
17 television operator; and,
18 (2) On any website the City maintains; and,
19 (3) One (1) time in the daily newspaper that has the annual City contract
20 for publication of notices; and,
21 (4) One (1) time in one (1) newspaper of general and daily publication
22 and circulation, including both days of a weekend, if that newspaper
23 does not also hold the annual City contract for publication of notices.
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1 (C) Semi - annual Financial Reports shall be made available to the public, and shall
2 be published:
3 (1) On any government access channel the City maintains with a cable
4 television operator; and,
5 (2) On any website the City maintains; and,
6 (3) One (1) time in the daily newspaper that has the annual City contract
7 for publication of notices; and,
8 (4) One (1) time in one (1) newspaper of general and daily publication
9 and circulation, including both days of a weekend, if that newspaper
10 does not also hold the annual City contract for publication of notices.
11 Section 9. Maintenance of Financial Records. The City Manager and Director of
12 Finance shall maintain all records and documents pertaining to the Monthly Financial
13 Report for a period of not less than seven (7) years after the time covered by the records,
14 provided that no such records shall be destroyed prior to the completion of an annual
15 audit for the period covered by the report.
16 Section 10. Destruction of Financial Records. Financial records necessary to
17 fulfill the requirements of this ordinance may be destroyed:
18 (A) After the expiration of seven (7) years, provided there has been an annual
19 audit for the period covered by such records, the City Manager may authorize the
20 destruction of all records and documents pertaining to the reports identified in this
21 ordinance if a memorandum has been prepared that identifies the records and documents,
22 the method of destruction, the date of destruction, and the employee(s) who carried out
23 the destruction; OR,
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1 (B) At any time that the originals of the records are no longer required for any
2 evidentiary purpose in a court of law and:
3 (1) The records have otherwise been retained on compact disc, optical
4 scanner, or similar technology; and,
5 (2) There has been an annual audit for the period covered by such
6 records; and
7 (3) Records retained in such a manner are accepted for accounting or
g evidentiary purposes as true and accurate reflections of the
9 information contained in the record; and,
to (4) There is on file an affidavit that sets forth the records that have been
11 so retained, the person or entity who placed the records on the
12 compact disc, optical scanner, or similar technology, and a statement
13 that the recordation is a true, accurate, and complete preservation of
14 the records; and
15 (5) A back up copy of the records is available; and
16 (6) The records are to be maintained in this form for at least a period of
17 seven (7) years.
18 Section 11. Restricted Reserve Fund. As a part of any City budget, and as a part
19 of all financial reports required by this ordinance, there shall be identified a restricted fund
20 balance that constitutes a restricted reserve fund for the City. Any changes in this fund
21 from the most immediate prior report of a similar nature shall be noted and explained by
22 the City Manager and Finance Director.
23 Section 12. Timeline for Finance Department Reporting Requirements. As a part
24 of each annual budget, the Board shall include a section which sets forth the timeline for
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I the receipt and reporting of information required by this ordinance. This timeline shall be
2 prepared by the City Manager, after consultation with the Finance Director and all
3 appropriate financial institutions, and shall constitute an annual guideline to assure the
4 efficient and accurate maintenance of City fiscal records and reports.
5 Section 13. Provisions in Relation to Federal and State Law.
6 (A) The provisions of this ordinance shall be interpreted as supplemental to the
7 provisions of any federal or state law that addresses issues of local government financial
S reporting;
9 (B) The City Manager and Director of Finance shall always be required to
10 prepare and publish financial reports in accordance with this provisions of this ordinance;
11 (C) Notwithstanding the supplemental nature of this ordinance, the City
12 Manager and Director of Finance shall not be required to publish any financial reports
13 otherwise required by state law to be published if:
14 (1) The reports are duplicative to reports that are already published as
15 required by this ordinance; and
16 (2) The federal or state law in question permits a municipality to obtain
17 an exemption from the publication provisions of the law; and
18 (3) The City has received such an exemption.
19 Section 14. Severability. In the event any title, section, paragraph, item, sentence,
20 clause, phrase, or word of this ordinance is declared or adjudged to be invalid or
21 unconstitutional, such declaration or adjudication shall not affect the remaining portions
22 of the ordinance which shall remain in full force and effect as if the portion so declared or
23 adjudged invalid or unconstitutional was not originally a part of the ordinance.
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I Section 15. Repealer. All ordinances and resolutions, including by not limited to
2 Little Rock, Ark., Ordinance No. 18,409 (December 26, 2000) ( "the 2001 Budget
3 ordinance "), and any other ordinances or resolutions that relate to financial reporting
4 within the City, are hereby repealed to the extent of such inconsistency.
5 Section 16. Emergency. It is essential to the City's public health, safety and welfare to
6 assure that a uniform method of financial reporting be approved and in place, in order to assure
7 that the Board of Directors has all necessary and appropriate information available to it as it decides
8 the various legislative issues it faces during the fiscal year that are impacted by the financial
9 condition of the City; further, the Board of Directors believes that compliance with the terms and
to conditions of this Financial Reporting Standards for the City of Little Rock, Arkansas that are not
11 already a part of the current City procedure, should begin immediately except for the reporting
12 requirements discussed within this Emergency Clause, therefore, an emergency is declared to exist
13 and this ordinance shall be in full force and effect on January 1, 2002, provided that the first
14 Monthly Financial Reports — Governmental Fund Type shall not be required timely to be published
15 and presented pursuant to the terms of Section 5(A)(1) of this ordinance until after the month -end
16 close for March, 2002; and, provided further that the first Monthly Financial Reports — Proprietary
17 Fund Type shall not be required timely to be published and presented pursuant to the terms of
18 Section 5(A)(2) of this ordinance until after the month -end close for June, 2002; and, provided
19 further that the Quarterly Fund Balance Report shall not be required timely to be published and
20 presented pursuant to terms of Section 6 of this ordinance until after the month -end close for June,
21 2002.
22
23 PASSED: December 18, 2001
24 //
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1 ATTEST:
2
3
4 Nan-'y Woo , City Clerk
5
6 APPROVED AS TO LEGAL FORM:
7
8
9 Thomas M. Carpenter, City ttorney
10
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17 //
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APPROVED: \
•f%/Vl v
Jiailey, Mayor