(a)   In accordance with the provisions of K.S.A. 12-1, 118 there is hereby established a capital improvements fund, which shall be used to finance in whole or in part, any public improvement need set forth in the city’s capital improvements plan.

(b)   It is the policy of the Governing Body that such fund shall be used primarily to provide a financing mechanism for the repair, restoration and rehabilitation of existing public facilities. Further, it is the intent of the Governing Body to utilize current revenues to be credited to the fund, to the maximum extent possible, to meet the City’s present and future public infrastructure and building needs, and to avoid the costs of unnecessary indebtedness.

(c)   Monies in said fund may be used to pay the cost of Engineering and other advanced public improvement plans and studies, with the fund periodically reimbursed from bond proceeds, special assessments, or from federal or state aid which may be available for the completed project.

(d)   The City Administrator and the Finance Director shall annually submit, at the same time and as a part of the annual operating budget, such proposed revenue allocations and budget transfers as may be necessary to (a) finance those improvements scheduled for completion during the next year, the cost of which is to be credited to the fund, as provided by the multi-year capital improvements plan, and (b) set aside monies to be annually reserved for future improvements, as provided in the capital improvements plan.

(e)   Monies in the capital improvements fund shall be invested in accordance with the provisions of K.S.A. 10-131 and amendments thereto, with interest thereon credited to said fund.

(a)   In accordance with the provisions of K.S.A. 12-1,117, there is hereby established a municipal equipment reserve fund, which shall be used by the City to finance the acquisition of equipment necessary for the performance of various functions and services of the City. For the purpose of this section, the word “equipment” shall mean machinery, vehicles and other equipment or personal property including, but not limited to, computer hardware and software, which the City is authorized to purchase for municipal purposes.

(b)   It is the policy objective of the Governing Body that such equipment reserve fund shall be used as a financing mechanism to secure the planned and orderly acquisition and replacement of equipment necessary for the efficient and effective operation of the city. It is the further intent of the Governing Body to annually approve in the future the budgeting of current revenues sufficient (1) to finance the acquisition of new equipment needed in the following year, and (2) to finance needed future replacements and acquisitions by setting aside a reserve amount. It is the planned intent of the Governing Body that the amount annually reserved shall be not less than the current use value of existing city equipment covered by the reserve fund.

(c)   Plan of operation.

(1)   The Finance Director shall prepare a plan of operation for the implementation of this section for the achievement of the policy objectives of the Governing Body.

(2)   Each year, the Finance Director shall include in the proposed budget for the following year, an amount sufficient to cover necessary equipment acquisition costs, plus an amount approximately equal to the average expenditures of the city of equipment purchases during the past five (5) years.

(3)   Beginning in 1991, the Finance Director shall annually submit at the same time the proposed annual budget is submitted, a proposed equipment acquisition program for each of the following three (3) years. The proposed budget shall include an amount sufficient to finance proposed equipment acquisitions for the following year, plus an amount to be reserved as set forth in the annually revised and extended equipment acquisition program.

(d)   Money in the equipment reserve fund shall be invested in accordance with the provisions of K.S.A. 10-131 and amendments thereto, with interest earnings credited to such fund.

(Ord. 1058; Code 2021)

Pursuant to the authority granted by K.S.A. 12-1,119, the city hereby establishes a consolidated street and highway fund to which may be credited moneys received by the city from the state under the provisions of K.S.A. 68-416 and 79-3425c, and amendments thereto.

Further, the city may annually budget the transfer of moneys in the general and other operating funds of the city that are budgeted for street and highway purposes to such consolidated fund.

Moneys in such fund shall be used solely for street and highway purposes and any moneys received pursuant to K.S.A. 68-416(a), and amendments thereto, and credited to such fund shall be used solely for the maintenance of streets and highways in the city designated by the secretary of transportation as city connecting links.

(Ord. 1064; Code 2021)

There is hereby established an events fund. The purpose of such fund is to finance community events in the City of Park City and to support other events within the City that advance the City’s Mission Statement. Moneys may be budgeted and transferred to such fund from any source which may be lawfully utilized for such purposes. In addition, the City may annually budget the transfer of moneys in the general or other funds of the City budgeted for similar purposes to the events fund. Moneys in the events fund shall be used solely for the purpose of financing community events and supporting other events within the City that advance the City’s Mission Statement.

If the governing body of the City determines that money which has been credited to the events fund or any part thereof is not needed for the purposes for which so budgeted or transferred, the governing body may transfer, by adoption of a resolution, such amount not needed to the fund from which it came.

(Ord. 1100; Code 2021)