Colton Municipal Code Ch. 3.12 Funds

There is created a special fund to be known as the "Capital Improvement Fund." All revenue received by this fund will be in compliance with the instructions and/or Approval of the City Council for purposes of Capital Improvements so stated by the City Council at the time of such instructions and/or Approval of the City Council. All moneys expended from this fund Shall be in compliance with budgeted appropriations Approved by the City Council prior to the date of such expenditure.

(Ord. 1202 § 4, 1964)

A. There is and Shall also be maintained a fund known as the "General Fund," which Shall be Used for the receipt of and expenditure of all moneys of the City Treasury not specifically Designated to the other funds contained in this chapter, or other Ordinances or Resolutions to which reference is made in this chapter. The Use of this fund Shall also comply with the provisions of the Government Code specifically applying to this fund.

B. There Shall be maintained in the General Fund certain reserve accounts for the purposes stated herein:

1. Reserve for sewer plant equipment replacement;

2. Reserve for general City equipment replacement;

3. Reserve for Refuse collection equipment.

These reserves Shall be maintained to accrue such annual sums of moneys as determined at the time of the adoption of the annual budget by the City Council. Expenditure and/or transfers from such accrued reserves Shall be in accordance with budget appropriation and/or transfers to other funds Approved by the City Council;

4. Reserve for cash basis.

This reserve Shall be established in the General Fund to provide for the necessary safe cash margin between revenues and expenditures of the various funds during the so-called "dry period" between July 1st and December 31st of each fiscal Year. The amounts of moneys retained in this reserve Shall be determined by the City Council at the time of adoption of the annual budget, and the Finance Director is instructed to make such necessary fund transfers as are needed to comply with the Council's action.

(Ord. 1202 § 5, 1964)

A. Created—Purpose. A liability risk retention fund is created to establish and hold cash reserves for the purpose of satisfying judgment of claims as determined by the self-insured administrator.

B. Review and Adjustment. Cash reserves Shall frequently and periodically be reviewed and adjusted, and the City Shall cause to be kept and maintained in said fund adequate reserves on all open cases and as determined by the self-insured administrator.

C. Expenditure. All moneys in said fund Shall be expended or liquidated in accordance with reserves established under the exclusive direction of the City's self-insured administrator.

(Ord. 1498 §§ 1—3, 1976)

A. Nothing in this chapter Shall be construed to prohibit the maintenance of reserves in any fund that are necessary to comply with the accepted budgetary and fund accounting principles in reference to reserves for depreciation of physical assets, stores and inventories, accounts receivables and bonded debt.

B. All reserves established under the provisions of subsection A of this section Shall be Approved by the City Council or the auditing firm employed by the City Council to conduct an annual audit of the financial transactions of the City.

(Ord. 1202 § 6, 1964)