ITEM TITLE:
Title
Consider approving a resolution establishing the City of Lawton Special Revenue Fund and repealing Resolution 97-126, Resolution 01-136, Resolution 06-189, and Resolution 10-27, 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 implementation, Financial Services reviewed the various funding accounts maintained by the City in order 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. Several funds have been identified as Special Revenue funds, but each has their own fund number. This resolution combines these funds into a newly created Special Revenue fund for the purposes of receiving and disbursing funds placed in this account. Resolution 97-126 created the Fire Prevention and Education Fund for the purpose of receiving and disbursing contributions made to the City in support of the Fire Prevention and Education Program. Tyler has the ability to track these revenues and expenses, eliminating the need for a special fund. This resolution closes the fund and directs that the remaining balance be transferred to the Special Revenue Fund. Resolution 01-136 created the Lawton Project Impact Program Fund for the purpose of recovering and disbursing funds granted, donated and otherwise contributed to the City of Lawton to support the Project Impact Program. 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 balance be transferred to the Special Revenue Fund. Resolution 06-189 crea...
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