ITEM TITLE:
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Consider approving a resolution establishing the City of Lawton Grant Fund and repealing Resolution 74-112, Resolution 78-146, Resolution 97-140, and Resolution 03-174, which created certain City of Lawton funds which can be combined within the newly created Grant Fund, 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 Grant funds, but each has their own fund number. This resolution combines these funds into a newly created general Grant fund for the purposes of receiving and disbursing funds placed in this account. Resolution 74-112 created the Retired Senior Volunteer Program Fund for the purpose handling funds contributed, appropriated, and otherwise received for the purpose of recruiting retired citizens to perform voluntary programs. These revenues and expenses will now be tracked on the grant ledger in Tyler. This resolution closes the fund and directs that the remaining balance be transferred to the Grant Fund. Resolution 78-146 created the Police Grant Fund for the purpose of tracking reimbursable expenditures related to police grants. These revenues and expenses will now be tracked on the grant ledger in Tyler. This resolution closes the fund and directs that the remaining balance be transferred to the Grant Fund. Resolution 97-140 created the Park Fund for the purpo...
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