Operating and CIP Budget Fiscal Year 2015-16

Description of Funds (continued)

design, construction, and maintenance of public facili- ties or to reimburse the City for funds advanced to con- struct such facilities.

Community Recreation Centers Impact Fund (360)

 CITY OF MORGAN HILL  FY 15-16  OPERATING AND CIP BUDGET  CITY OF MORGAN HILL  FY 15-16  OPERATING AND CIP BUDGET  CITY OF MORGAN HILL  FY 15-16  OPERATING AND CIP BUDGET  CITY OF MORGAN HILL  FY 15-16 OPERATING AND CIP CITY OF MORGAN HILL  FY 15-16  OPERATING AND CIP BUDGET  CITY OF MORGAN HILL  FY 15-16  OPERATING AND CIP BUDGET  CITY OF MORGAN HILL  FY15-16  OPERATING AND CIP BUDGET  CITY Public Facilities Impact Fund (347) Public Facilities Impact Fund revenues are derived from fees charged to developers to cover the costs to con- struct public improvements required as a result of new development. Expenditures may only be made for the future construction of the required new facilities or to reimburse the City for funds advanced to construct such facilities. Fund is subject to the restrictions of AB1600. Library Impact Fund (348) Library Impact Fund revenues are derived from a fee charged to developers to cover the costs to construct library improvements required as a result of new devel- opment. Expenditures may only be made for the future construction of the required new library facilities or to reimburse the City for funds advanced to construct such facilities. Fund is subject to the restrictions of AB1600. Undergrounding Fund (350) Undergrounding Fund receives revenues from develop- ers for the undergrounding of utilities in areas of new development. Expenditures may be made from these funds only for the design and construction associated with such undergrounding. School Pedestrian and Traffic Safety Fund (355) This fund accounts for the revenues and expenditures related to the collection and use of development fees for pedestrian and traffic safety capital improvements at or near schools. This fund was set up to collect revenues derived from a fee charged to developers to cover the costs to con- struct new community centers within Morgan Hill. Fund is subject to the restrictions of AB1600. Civic Center Construction Fund (370) This fund accounted for the revenues and expenditures related to the construction of the new library at the civic center campus. Since completion of the construc- tion, activity and fund balance in this fund have been minimal. DEBT SERVICE FUNDS Debt Service Funds are used to account for the accumu- lation of resources for, and payment of, general long- term debt principal, interest, and related costs. Civic Center Debt Service (420) A fund to track transactions of the 2006 bonds issued to build the Public Library, and make improvements to City Hall Campus. Police Facility Bond Debt Service (441) A fund to track transactions of the 2004 bonds issued to build the Police Station. Assessment District Funds (527-551) Assessment District funds are established to permit the City to sell bonds to provide the funds to construct im- provements in new developments. Property assess- ments are collected from property owners within the assessment district for a proportional share of the im- provements, and debt service payments for the bonds are made from the assessments collected. These funds are restricted by the bond covenants and agreements.

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