HomeMy WebLinkAbout1/19/2005 - STAFF REPORTS (8) DATE: January 19, 2005
TO: City Council
FROM: Director of Finance & Treasurer
RE: Establishment of new Fund to account for Quimby Act Park Fees
RECOMMENDATION:
It is recommended that the City Council approve the establishment of new Fund in the City's financial
accounting structure to track the receipt and disbursement of Quimby Act Park Fees.
BACKGROUND:
The City Council adopted fees pursuant to Quimby Act on August 13, 2003, These fees are
assessed on new developments, and are intended to pay for future park and recreation facilities.
Since the fees are assessed on new development for a specific purpose, it is necessary to be able to
track the revenue and expenditures, much like the City's Public Arts Fee. The easiest way to do this
is to establish a separate accounting fund.
The City has not yet received any Quimby Fees, but it appears that the collection from several
projects is imminent.
The action before Council would establish a new accounting fund in the Special Revenue Fund
category, and the Director of Finance is authorized to establish cost centers and individual accounts
as necessary.
Submitted by Approved
Thomas M. Ka ban David H. Ready
Director of Finance & Treasurer City Manager ,
Attachment: Resolution
RESOLUTION NO. /d U
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, ESTABLISHING A NEW CITY ACCOUNTING
FUND TO BE NAMED QUIMBY ACT PARK FEE FUND.
WHEREAS, the City Council has authorized the collection of Quimby Act Fees from new
developments for the purpose of funding future park and recreation improvements; and
WHEREAS, it is in the City's interests to accurately track the receipt of revenues and the
disbursements of funds from this source; and
WHEREAS, the establishment of a new accounting Fund in the Special Revenue Fund category is
the most efficient way of accomplishing the required tracking;
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm Springs, that a new
accounting Fund named the Quimby Act Park Fee Fund be created, and that the Director of
Finance is authorized to establish the cost centers and account numbers as necessary.
ADOPTED this day of 2005.
AYES:
NOES:
ABSENT:
ATTEST:
CITY OF PALM SPRINGS, CALIFORNIA
By
City Clerk City Manager
REVIEWED &APPROVED AS TO FORM
Fig ,