09-11-2024 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)  Local Affordable Housing (Fund 204) Economic Development Fund: This special revenue fund accounts for the amounts received and spent on economic related activities. The Little Canada Economic Development Authority (EDA) is a legally separate entity related to provide financing for economic development within 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 franchise fees. These cable franchise fees have traditionally been used for expenses in the Cable TV Fund. 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. The organized trash hauler contract, which expired at the end of 2021, was amended and extended to 2022-2024. Currently the City is exploring an issuance for an RFP for Organized Collections. It is anticipated that the City will enter into a new contract by the end of the year. Local Affordable Housing Fund: This Special Revenue fund accounts for revenue and expenditures related to the Local Affordable Housing Program. The funds that were allocated to the City in 2024. 78