AN ORDINANCE ESTABLISHING ADDITIONAL FUNDS AND THEIR TITLES FOR THE CITY OF NEWTON FALLS, OHIO.
WHEREAS, The City Council has previously established specific fund categories and titles for purposes of accounting within the Finance Department; and
WHEREAS, The City Council wants to establish two (2) additional funds to provide greater fiscal security to the City of Newton Falls; and
WHEREAS, The establishment of a “General Fund Reserve Fund” and a “Building Fund” is necessary and in the best interest of the City of Newton Falls.
COUNCIL FOR THE CITY OF NEWTON FALLS, STATE OF OHIO, HEREBY ORDAINS:
SECTION I: The Finance Director is directed to create a “General Fund Reserve Fund” and a “Future Building Fund” for purposes of holding and dispersing monies of the City of Newton Falls, Ohio.
Section II: Any ordinances or parts of ordinances in conflict with the context of this ordinance are hereby repealed.
PASSED IN COUNCIL THIS ______ DAY OF NOVEMBER 2016.
Mayor, Lyle Waddell
Clerk of Council