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: 9.9

Title: Consideration, discussion, and possible adoption of Resolution No. 3373 to abolish the RTC Road Impact fund, a fiduciary fund.

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

Recommendation: That Council adopts the resolution abolishing the RTC Road Impact Fund, a fiduciary fund, in accordance with NRS 354.

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 RTC Road Impact fund, and staff believes it is appropriate to formally abolish this fund.

Background:

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

The RTC Road Impact Fund was established in 1996 by Resolution No. 2380. The purpose for which it was established has been accomplished and therefore the RTC Road Impact Fund is no longer needed.

Analysis:

Staff will move the existing cash and cash equivalents from the RTC Road Impact Fund to the Road Fund in the amount of $200,480.05, which will deplete all balances remaining and allow for proper abolishment of this fund. The transfer from the RTC Road Impact Fund to the Road Fund will not increase the available resources of the Road Fund.

Alternatives:

Council could approve Resolution No. 3373 abolishing the RTC Road Impact Fund, which would reduce the number of funds being managed by the City.
Council could reject Resolution No. 3373 abolishing the RTC Road Impact Fund, which may cause the City to have more funds than necessary.

Recommended Motion:

I move to adopt Resolution No. 3373 to abolish the RTC Road Impact fund, a fiduciary fund.

Attached Files:

Resolution to abolish fund 6600 - the RTC Road Impact Fee Fund.pdf

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