CHAPTER 12.
FINANCE.
Article 1. In General.
§ 12-1. Consolidation of offices of auditor, collector and treasurer.
§ 12-2. Powers and duties of city treasurer.
Article 2. Funds.
Division 1. Special Gas Tax Street Improvement Fund.
§ 12-3. Established.
§ 12-4. Accumulation of funds.
§ 12-5. Expenditures.
Division 2. Library Trust Fund.
§ 12-6. Established.
§ 12-7. Accumulation of money.
§ 12-8. Expenditures.
Division 3. Scholze Park Trust Fund and Scholze Children’s Playground Trust Fund.
§ 12-9. Established; purpose.
§ 12-10. Accumulation and deposit of money.
§ 12-11. Use of funds.
§ 12-12. Investment of assets. (Ord 3394; 10/07)
Division 4. Mary Jacks Thomas Trust Fund.
§ 12-13. Established.
§ 12-14. Accumulation, investment and use of money.
§ 12-15. Approval of expenditures.
Division 5. Visitor Promotion Fund.
§ 12-16. Established; accumulation of funds.
§ 12-17. Disposition and use of funds.
ARTICLE 1.
IN GENERAL.
Sec. 12-1. Consolidation of offices of auditor, collector and treasurer.
Pursuant to Section 5.3 of the Charter of the City, the City Council hereby finds and determines that it is in the best interest of the City to combine in one person the offices of auditor, collector and treasurer, and does so combine such offices. The person serving in the office of Finance Director is hereby appointed and shall have all the powers and duties assigns to the offices of auditor, collector and treasurer as set forth in the Charter. The Finance Director shall serve as such Charter officers without additional compensation.
Sec. 12-2. Powers and duties of City Treasurer.
The Finance Director, in his capacity as City Treasurer, shall have the following powers and duties:
(a) To receive and safely keep all money of the City deposited with him in connection with any business thereof, for all of which he shall give duplicate receipts, one of which shall be filed forthwith with the City Auditor. Before any money is accepted or received by him on account of any indebtedness due the City, he shall receive a certificate from the City Auditor specifying the amount thereof to be paid.
(b) To pay out all money, except the principal and interest due on the bonds of the City, including improvement bonds thereof, on warrants signed by the proper officers and not otherwise. He shall pay out all money for the principal and interest due on bonds of the City, including improvement bonds thereof, by check countersigned by the City Auditor, and all other payments, transfers or withdrawals of City money except as otherwise set forth in this Chapter, shall be by check signed by the Treasurer and countersigned by the Auditor.
(c) To make monthly statements showing the receipts and disbursements for each month, except during the months of September, December, March and June, at which time he shall make quarterly statements showing the receipts and disbursements for each quarter ending September 30, December 31, March 31 and June 30 respectively. Such statements shall show in detail the condition of each fund required to be set apart by the Treasurer and one copy of each such statement shall be filed with the City Clerk and one delivered to the City Manager within ten days after the date each such statement is due. The Finance Director shall make quarterly settlements with the City Auditor.
(d) Before entering upon his duties, to take the oath of office provided for in the Constitution of the state and to file with the City Clerk an official bond in the amount to be set from time to time by the City Council, by resolution, for the faithful performance of his duties, payable to the City. Such bond shall be to the satisfaction of the Mayor and his approval shall be endorsed thereon. The premium of such bond shall be paid by the City.
ARTICLE 2.
FUNDS.
DIVISION 1.
SPECIAL GAS TAX STREET IMPROVEMENT FUND.
Sec. 12-3. Established.
To comply with the provisions of Article 5, Chapter 1, Division I of the Streets and Highways Code of the State of California, with particular reference to the amendments made thereto by Chapter 642, Statutes of 1935, there is hereby established in the City treasury a special fund to be known as the “Special Gas Tax Street Improvement Fund.”
Sec. 12-4. Accumulation of funds.
All money received by the City from the state under the provision of the Streets and Highways code of the state for the acquisition of real property or interests therein for, or the construction, maintenance or improvement of, streets or highways other than state highways, shall be paid into the Special Gas Tax Street Improvement Fund.
Sec. 12-5. Expenditures.
All money in the Special Gas Tax Street Improvement Fund shall be expended exclusively for the purposes authorized by, and subject to all of the provisions of, Article 5, Chapter 1, Division I, of the Streets and Highways Code of the state.
DIVISION 2.
LIBRARY TRUST FUND.
Sec. 12-6. Established.
A fund designated the “Library Trust Fund” is hereby established.
Sec. 12-7. Accumulation of money.
All gifts and bequests received for the use of the library, and all miscellaneous revenues, except fines, of the library shall be placed in the Library Trust Fund.
Sec. 12-8. Expenditures.
Expenditures from the Library Trust Fund shall be for such library purposes as are requested by the Board of Library Trustees and as are in conformity with the conditions of any gifts or bequests.
DIVISION 3.
SCHOLZE PARK TRUST FUND AND SCHOLZE CHILDREN’S PLAYGROUND TRUST FUND.
Sec. 12-9. Established; purpose.
There are hereby established two trust funds, the “Scholze Park Trust Fund,” which is to be used for improving and maintaining parks owned by the City within the City, and the “Scholze Children’s Playground Trust Fund,” which shall be used for building, equipping and maintaining children’s playgrounds within the City.
Sec. 12-10. Accumulation and deposit of money.
All stocks, bonds, cash and personal property received by the City from the Scholze Estate shall be divided equally between the two trust funds established in this Division and the income from each trust fund shall be deposited in the trust fund earning the same.
Sec. 12-11. Use of funds.
The income from the trust funds established in this Division shall be budgeted each year for the purposes set out in Section 12-9 and none of the capital of such trust funds shall be expended.
Sec. 12-12. Investment of assets. (Ord 3394; 10/07)
The Finance Director shall retain the corpus presently held in the trust funds established in this Division and invest or re-invest any money available for investment in such trust funds only in securities allowed by the City’s Investment Policy.
DIVISION 4.
MARY JACKS THOMAS TRUST FUND.
Sec. 12-13. Established.
There is hereby established a trust fund to be known as the “Mary Jacks Thomas Trust Fund.”
Sec. 12-14. Accumulation, investment and use of money.
All money received from the trust created under the last will and testament of Mary Jacks Thomas shall be deposited in the Mary Jacks Thomas Trust Fund and the City Finance Director shall place such funds in such depositories, or invest such funds in such securities as are approved by the laws of the state.
The money in the Mary Jacks Thomas Trust Fund shall be used for the purpose of creating or improving a park or recreation center or constructing or maintaining a public building in the City.
Sec. 12-15. Approval of expenditures.
The City Council shall approve all expenditures from the Mary Jacks Thomas Trust Fund for purposes set out in the last will and testament of Mary Jacks Thomas. Prior to the expenditure of any money from such trust fund, the expenditure shall have the prior approval of a committee composed of the then presiding Judge of the Superior Court of the County, the Chairman of the Planning Commission, and President of the Monterey History and Art Association and the corporate trustee.
DIVISION 5.
VISITOR PROMOTION FUND.
Sec. 12-16. Established; accumulation of funds.
There is hereby established a fund to be known as the “Visitor Promotion Fund.” All money collected pursuant to the transient occupancy tax regulations of the City shall be deposited in such fund.
Sec. 12-17. Disposition and use of funds.
All money in the Visitor Promotion fund shall be spent in accordance with laws or ordinances regulating the expenditure of other general fund revenues.