Title
AN ORDINANCE AMENDING ORDINANCE 15-79 BY ELIMINATING THE FUND ENTITLED “BROADBAND SERVICE FUND (510)” AND CREATING THE “BROADBAND CAPITAL FUND (402)”; AND DECLARING AN EMERGENCY.
Executive Summary: This is to change the Broadband Services Fund from an Enterprise Fund to a Capital Projects Fund to account for the capital portion of the broadband project that is funded with debt proceeds. The operating revenue and expenses will be recorded in a separate cost center within the General Fund.
Body
Legislative History
Ordinance 15-79 established the Broadband Service Fund (510).
Purpose & Explanation
The purpose of establishing a separate capital projects fund for the broadband initiative is to ensure separate accounting of debt proceeds used for the capital portion of the project. The operating revenue and expenses will be accounted for as a separate cost center within the General Fund.
Timing Considerations
We are requesting emergency language to record the 2015 activity in the new fund prior to year-end.
Fiscal Impact
Currently Budgeted
Supplemental Appropriation Required
X Appropriation Not Required.
Recommendation
Suggested Action
Staff recommends Council approve creating the new Broadband Capital Fund (402).
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Finance Director