1971-05 Amending Adding Chapter 7 Public FinanceKODIAK ISLAND BOROUGH
ORDINANCE NUMBER 71 -5-0
AN ORDINANCE AMENDING THE KODIAK ISLAND
BOROUGH CODE OF THERETO CHAPTER ORDINANCES RESOLUTIONS
DEALING WITH PUBLIC FINANCE ADDING
BE IT ORDAINED by the Kodiak Island Borough
Assembly that the the Kodiak Island Borough Code of
Ordinances and Resolutions be and the same is hereby
amended by adding thereto Chapter 7, entitled "Public
Finance ", which shall read as follows:
CHAPTER 7.
PUBLIC FINANCE
SUB - CHAPTER 1. MANAGEMENT AND ACCOUNTING
Section 1. General Treasury Management.
The Treasurer shall be responsible for
treasury management, including investment
and reinvestment of all revenues of the
municipality from whatever source, to
include the school sy.
Section 2
i
Section 3.
permissible Investments.
The Treasurer shall invest money only in the
following types of investments.
A. Bonds, notes or other obligations, direct
or otherwise, of the United States.
B. Bonds and other evidence of indebtedness
f the State of Alaska, or any municip
or political subdivision of the State of Alaska.
C. Savings certificates Of
authorized
deposit in any ny
to do business in the State.
Centralized TreasurZ.
All school money shall be deposited in a
centralized treasury with all other Borough
money.
Section 4. Basis of Accountin.
Accounting of the budget will be prepared on
a modified accural basis, which is described
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as: revenues being recognized when cash is
received, with the exception of School
District, State and Federal Grants,
shall be recognized whether received or not,
and expenditures being recognized as soon as
they result in liabilities for benefits
received.
Section 5. Funds.
Funds as required will be established, which
should include, but are not limited to the
following.
A. Kodiak Island Borough General Fund.
B. Kodiak Island Borough Payroll Fund.
C. Tobacco Tax Fund.
D. Debt Service Funds.
E. Capital Projects Funds.
F. Fire Service District Fund..
G. Sewer and Water Utility
H. Other Enterprise Funds as needed.
Section 6. Distribution of Funds.
A. All funds shall be disbursed according
to the budget as approved
Assembly.
B. The School District shall submit the
claims that have been approved by their
Board to the Central Treasury for payment.
Section 7. Poste Audit.
The Assembly shall provide for an independent
annual audit of all municipal accoun, or
ts
more frequent audits as deemed necessary.
Such audits shall be made by a ced bysuch
Public Accountant, or firme�sona1 interest,
accountants, who have no p affairs of
direct or indirect, in the fiscal
this municipality or any of its offices. The
without requiring competitive
Assembly may,
bidding, designate such accountant or firm.
BUDGE
SUB - CHAPTER 2. T AND PROCEDURES.
Section 1. Bud et a Public Record.
The Budget and the budget message and
supporting schedules shall be a public
record in the office of the clerk, open
i
I to the public inspection by anyone-
ii Section 2. Fiscal Year.
The fiscal year of the Kodiak Island Borough
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shall begin on the firstu ay of July and
end on the last day Of
I
Section 3.
Budget and Capital Program.
A. On or before the 30th of April of each
submit the
year, the Borough Chairman shall
to the Borough
budget and capital program
essage
The Budget and Budget riation
Assembly* and
the proposed app P
shall contain
tax levy ordinance.
B. The School Districposed budget and
P
Borough Chairman the pro
requirements for the school by
local support can
so the major fundiet
the 31st of�March and
incorporated into the Borough Budg
be
Budget message.
4•
Public Hearing of the Bud
Section
advertised theof
At a time and place as the
hold a public hearing
hearing,
Assembly shall
After the public
Budget as submitted- may adopt, with or without
Assembly Y by
as proposed
the
amendments, the annual budget
the Chairman.
of Bud et; Vote Required; Veto-
Section 5.
Adoption
adopted by the favorable
The Budget shall be
a majority of all the
votes of at least
Assembly not later than 10 June
members of the
the adoption
ation levelslandctheemillage
through
forth the appropriation veto the
Chairman may by
rate. The Borough
but his veto may to which
ordinance
two- thirds of all the votes question,the
t he q
Assembly is entitled on
Fina tion; l Ado Failure to Adopt•
l Section 6.
�i
Date of
adop ted not later than
The Budget shall be
of the budget
the beginning
10 June prio r to take noEJ action
the Ass as
1
year. Should
on Budget,
on or prior to such day, t
deemed to have been
submitted, shall be
Assembly-
the Assembly.
finally adopted by
Bud et; Certification.
Section
7. Effective Date of
through pa sage
et
budget of the
(ion adoption the
and tax levy,
of the Budget Ordinance
in effectasthe
budget shall be finallyet
A copy of the budget
Chairman
li
year, the
shall be certified by of the
adopted
and the clerk and filedeSnofhthefbudget shall
Clerk. Sufficient cop
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l be made available for use of all offices,
departments and agencies and for interested
persons.
KODIAK ISLAND BOROUGH
BY
WILTON T. WHIT
Borough Chairman
By
Presiding Ottice
ATTEST:
or ugh Clerk
FIRST READING AND APPROVAL DATE, MARCH 4, 1971.
SECOND READING, PUBLIC HEARING AND PASSAGE DATE,
1971.
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