1983-24 Updating Title 3 of the Borough Code in Regard to the Land Sales Fund and Related Accountingr) ! 7 7 7
KODIAK ISLAND BOROUGH
ORDINANCE NO. 83 -24 -0
AN OF THE '1OF THE BOROUGH ORDIN REGARD TO D THE LAND SALESOFUND ANDMRELATEDAACCOUNTING.3
it WHEREAS, the external auditors were critical of unwritten policy and
lack of directives on the true nature and intent of purpose on the Land Sales
Fund that was established more than ten years ago (appears on the 1972 audit
and each year subsequent thereto), and
WHEREAS, it is the intent of the Kodiak Island Borough Assembly and
staff to properly monitor, account for, maintain and report on all monies of
this fund at the same degree of accuracy as any other funds of the Borough, and
WHEREAS, it is now the intent of the Kodiak Island Borough Assembly
and staff to recognize as revenue and deposit to the Land Sales Fund all Kodiak,
Island Borough receipts for the sale of raw land to include principal, interest'
and related fees, and
WHEREAS, it is the intent of the Kodiak Island Borough Assembly and
staff to disburse only those monies from this fund that have been annually
appropriated for land improvements, management and sales, and
WHEREAS, no monies will be transferred from this fund to any other
fund or funds of the Borough without an appropriation ordinance and the
applicable public hearing.
NOW, THEREFORE, BE IT ORDAINED by the Kodiak Island Borough Assembly
that Title 3 of the Kodiak Island Borough Code be updated as follows:
Chapter 3.04
Public Finance -- Management and Accounting
Section I:
3.04.050 I. Land Sale Fund
3.04.055 Land Sale Fund. The Land Sale Fund has been established
and is maintained as a separate and distinct self- balancing entity
of this government to receive, maintain and eventually disburse
monies in relation to land sale activities including but not
limited to design, construction, maintenance and administration
of land sale activities delineated annually by the Assembly in
the approved budget for that fiscal year.
All ordinances or parts of ordinances found to be in conflict with
this ordinance are hereby expressly rescinded.
1
1 i 1 ^ 1 1 7
Sections 2; This ordinance shall be in full force and effect upon passage and
adoption.
by the Kodiak Island Borough Assembly.
ATTEST:
PASSED AND APPROVED this 7th day of April
By ��9l
B orough Cle
First Reading, Approval Date: March 3. 1983
Second Reading, Public Hearing, Approval Date:
Passage Date: April 3, 1983
Effective Date: April 3, 1983
Recommended By Finance Director
Ordinance No. 83 -24 -0
Page 2
KODIAK AND BORO H
By
Borough
ay
r
April 7. 1983
, 1983