09-25-2019 Council Packet - Laserfiche WebLink

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SPECIAL REVENUE FUNDS Overview Special revenue funds are used to account for revenue derived from specific revenue sources that are legally restricted or committed to expenditures for specific purposes. The City of Little Canada has four Special Revenue funds: •Economic Development Fund (Fund 105) •Parks & Recreation Fund (Fund 201) •Cable TV Fund (Fund 202) •Recycling/Trash Fund (Fund 203) Economic Development Fund: This special revenue fund accounts for the amounts received and spent of community related activities. The Little Canada Economic Development Authority (EDA) is a legally separate entity related to provide financing for economic development with the city of Little Canada. The governing board of the EDA is appointed by the city Council, and is substantially the same as the City Council. Parks & Recreation Fund: The Parks & Recreation Fund is used to account for amounts received and the related expenditures for the City’s parks and recreational activities. Cable TV Fund: This Special Revenue fund accounts for revenue and expenditures related to cable TV, internet, and other forms of communication. Revenue for this fund comes primarily from cable owner franchise fees. Staff will continue to determine the impact of the recent FCC Cable Franchising Order on the franchise fees. In addition, staff is in the process of identifying any other appropriate expenditures that may be funded with franchise fees. Contracted services were increased after the budget workshop on 09-11-2019 for additional programming services from CTV. Recycling/Trash Fund: This Special Revenue fund accounts for revenue and expenditures related to the operation of the City’s organized trash and recycling collection program. 53