Vernon Municipal Code Ch. 3.24 Funds

For purposes of this chapter, "fund" means a fiscal and accounting entity with a self-balancing set of accounts that records cash and other financial resources, all related liabilities and residual equities or balances, and changes therein, and that are segregated for the purpose of carrying on specific activities or obtaining certain objectives in accordance with applicable regulations, restrictions, or limitations.

(Prior code § 2.49)

A. Created. To comply with the provisions of Sections 180 to 207 of the State Streets and Highways Code, with particular reference to Section 196 of such Code, there is hereby created in the City Treasury a special fund to be known as the "special gas tax street improvement fund."

B. Payments into Fund. All moneys received by the City from the State under the provisions of the State Streets and Highways Code for the acquisition of real property or interests therein for, or the construction, maintenance or improvement of, streets or highways other than State highways, shall be paid into the fund.

C. Expenditures from Fund. All moneys in the special gas tax street improvement fund shall be expended exclusively for the purposes authorized by, and subject to, all of the provisions of Sections 180 to 207 of the State Streets and Highways Code.

(Prior code §§ 2.46—2.48)

The City Council of the City of Vernon hereby ratifies the establishment and creation of a new fund entitled "capital projects."

(Prior code § 2.50)

The City Council of the City of Vernon hereby ratifies the establishment and creation of a new fund entitled "parcel tax fund" that will include all parcel tax receipts and expenditures.

(Prior code § 2.50-1)

The City Council of the City of Vernon hereby ratifies the establishment of a fiber optics fund that shall be used for the collection of revenues and payment of expenditures for fiber optics-related services and that shall remain separate and apart from other funds.

(Prior code § 2.50-2)

The City Council of the City of Vernon hereby ratifies the establishment and creation of a new fund entitled "unemployment insurance fund."

(Prior code § 2.51)

The City Council of the City of Vernon hereby ratifies the establishment and creation of a new fund entitled "self-insured workers' compensation fund."

(Prior code § 2.52)

The City Council of the City of Vernon hereby ratifies the establishment and creation of a new fund entitled "self-insured liability fund."

(Prior code § 2.53)

The City Council of the City of Vernon hereby ratifies the establishment and creation of a new fund entitled "group medical insurance fund."

(Prior code § 2.54)

The City Council of the City of Vernon hereby ratifies the establishment and creation of a new fund entitled "group dental insurance fund."

(Prior code § 2.55)

The City Council of the City of Vernon hereby ratifies the establishment and creation of a new fund entitled "retirement fund."

(Prior code § 2.56)

The City Council of the City of Vernon hereby ratifies the establishment and creation of a new fund entitled "group life insurance fund."

(Prior code § 2.57)

The City Council of the City of Vernon hereby ratifies the establishment and creation of a new fund entitled "equipment replacement fund."

(Prior code § 2.58)

The City Council of the City of Vernon hereby ratifies the establishment and creation of a new fund entitled "vehicle codes and fines fund."

(Prior code § 2.59)

The City Council of the City of Vernon hereby ratifies the establishment and creation of a new fund entitled "trust funds."

(Prior code § 2.60)

The City Council of the City of Vernon hereby ratifies the establishment and creation of a new fund entitled "successor agency fund."

(Prior code § 2.61)

The City Council of the City of Vernon hereby ratifies the establishment and creation of a new fund entitled "industrial development fund."

(Prior code § 2.62)

The City Council of the City of Vernon hereby ratifies the establishment and creation of a new fund entitled "gas tax fund."

(Prior code § 2.63)

The City Council of the City of Vernon hereby ratifies the establishment of water I and II (CMD) funds that shall be used for the collection of revenues and payment of expenditures for water-related services and that shall remain separate and apart from other funds.

(Prior code § 2.64)

The City Council of the City of Vernon hereby ratifies the establishment of an electric fund that shall be used for the collection of revenues and the payment of expenditures for electric-related services and that shall remain separate and apart from other funds.

(Prior code § 2.65)

The City Council of the City of Vernon hereby ratifies the establishment of a gas fund that shall be used for the collection of revenues and payment of expenditures for gas-related services and that shall remain separate and apart from other funds.

(Prior code § 2.66)

The City Council of the City of Vernon hereby ratifies the establishment and creation of a new fund entitled "hazardous materials fund."

(Prior code § 2.67)

The City Council of the City of Vernon hereby ratifies the establishment and creation of a new fund entitled "community development block grant fund" that includes the various grants and loans received from the community development block grant.

(Prior code § 2.67-1)

Upon the adoption of the ordinance codified in this chapter, the authorized funds of the City of Vernon shall consist of the following:

(Prior code § 2.67-2)