2021 2:00:00 PM

Meeting Link: https://zoom.us/s/91208736348
Meeting Dial-in #: 1-669-900-6833 Meeting ID: 912 0873 6348

General Business: 9.7

Title: Consideration, discussion, and possible adoption of Resolution No. 3371 to abolish Promontory, Mesa Meadows, and Triple Crown Landscape Maintenance Trust funds.

Petitioner/Presenter: Jeff Cronk CPA, Chief Financial Officer/Debi Kinder, Accounting Manager

Recommendation: Staff recommends Council adopt the resolution abolishing the Promontory, Mesa Meadows, and Triple Crown Landscape Maintenance Funds

Financial Impact: None

Business Impact (Per NRS 237):
A Business Impact Statement is not required because this is not a rule.

Agenda Item Brief:

The City no longer has a use for the Promontory, Mesa Meadows, and Triple Crown Landscape Maintenance Trust funds, and staff believes it is appropriate to formally abolish these funds.

Background:

NRS Chapter 354 authorizes local governments to establish any number of funds needed to effectively manage the activities of the government.

The Promontory, Mesa Meadows, and Triple Crown Landscape Maintenance fiduciary funds were established in 1997, by Resolution Nos. 2457, 2458, and 2459, respectively. Due to governmental accounting reporting changes, the activities within these funds are no longer eligible to be reported as fiduciary activities and must be reported elsewhere. The purposes for which the fiduciary funds were established have been accomplished and the funds are no longer needed.

Analysis:

Staff will move existing fund balances from the Promontory, Mesa Meadows, and Triple Crown Landscape Maintenance Funds to the new Landscape Maintenance Fund in the amounts of $1,000, $5,000, and $152,739.41 respectively, which will deplete all remaining balances and allow for proper abolishment of the funds.

Alternatives:

Council could approve Resolution No. 3371 abolishing the Promontory, Mesa Meadows, and Triple Crown Landscape Maintenance Trust Funds, which would allow staff to reduce the number of funds being managed by the City.
Council could reject Resolution No. 3371 abolishing the Promontory, Mesa Meadows, and Triple Crown Landscape Maintenance Funds, which may cause the City to have more funds than necessary.

Recommended Motion:

I move to adopt Resolution No. 3371 to abolish Promontory, Mesa Meadows, and Triple Crown Landscape Maintenance Trust funds.

Attached Files:

Resolution to abolish funds 6100 6110 and 6120 - Landscape Maintenance Trust Funds.pdf

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