3.05.040 Fund control.
The clerk and treasurer shall establish and maintain separate and distinct funds in accordance with the following:
(1) Revenues. All monies received by the city shall be credited to the proper fund as required by law, ordinance or resolution.
(2) Expenditures. No disbursement shall be made from a fund unless such disbursement is authorized by law, ordinance or resolution, was properly budgeted, and supported by a claim approved by the council.
(3) Emergency Fund. No transfer may be made from any fund to the emergency fund.
Statutory reference note: Iowa Departmental Rules, Jan. 1975 Supp., Page 27, Section 2.5(2).
(4) Debt Service Fund. Except where specifically prohibited by state law, monies may be transferred from any other city fund to the debt service fund to meet payments of principal and interest. Such transfers must be authorized by the original budget or a budget amendment.
Statutory reference note: Iowa Departmental Rules, Jan. 1975 Supp., Page 27, Section 2.5(3).
(5) Capital Improvements Reserve Fund. Except where specifically prohibited by state law, monies may be transferred from any city fund to the capital improvements reserve fund. Such transfers must be authorized by the original budget or a budget amendment.
Statutory reference note: Iowa Departmental Rules, Jan. 1975 Supp., Page 27, Section 2.5(4).
(6) Utility and Enterprise Funds. The governing body of a city utility, combined utility system, city enterprise or combined city enterprise which has a surplus in its fund may transfer such surplus to any other city fund, except the emergency fund, by resolution. A “surplus” shall be defined as a situation in which revenues exceed obligations including depreciation reserve schedules and when there remains such monies as are necessary to pay principal and interest on all indebtedness of the enterprise or utility. No transfer shall be made that is in violation of state law or rules of the city finance committee.
Statutory reference note: Iowa Departmental Rules, Jan. 1975 Supp., Page 27, Section 2.5(5).
(7) Balancing of Funds. The clerk and treasurer shall reconcile their fund accounts at the close of each month. [Code 1975 § 1-1.0404.]