ITEM TITLE:
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Consider approving a resolution repealing Resolution 82-73, Resolution 94-98, Resolution 97-90, Resolution 98-206, Resolution 99-75, Resolution 06-34, Resolution 07-44, Resolution 08-160, and Resolution 11-111, authorizing the transfer of the fund balances, and establishing an effective date.
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INITIATOR: Donald Moore, Finance Director
STAFF INFORMATION SOURCE: Donald Moore, Finance Director
BACKGROUND: In conjunction with the Tyler Munis implementation, Financial Services reviewed the various funding accounts maintained by the City to assess which ones retained a valid purpose. The City of Lawton currently maintains 74 funds; by contrast, the City of Broken Arrow maintains 29 funds. Munis allows the City to track revenues and expenses without the need for several dedicated funds. Reducing the City's funds is consistent with "best practices" in local governmental accounting. Resolution 82-73 created the Insurance Proceeds Fund for the purpose of receiving insurance proceeds resulting from damage or loss of City property and for the purpose of repairing damaged property from those funds received. Many repairs are made using General Fund money prior to the receipt of insurance proceeds. This resolution closes the fund and directs that the remaining balance be transferred to the General Fund. Resolution 94-98 created the Application Fee Fund for the purpose of receiving application fees that require legal publication notices, and using those funds to pay legal notice publication expenses. Tyler has the ability to track this revenue, eliminating the need for a special fund. This resolution closes the fund and directs that the remaining fund balance be transferred to the General Fund. Resolution 97-90 created the Municipal Court Credit Card Maintenance Fund for the purpose of receiving credit card payments in Municipal Court. Court is now taking payments through the Tyler software, eliminating the need for this fund. This resolution clos...
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