Chapter 4.04
FISCAL POLICIES
Sections:
4.04.040 Collection, investment and disbursement of funds.
4.04.050 Independent annual audit.
4.04.010 Fiscal year.
The fiscal year of the municipality shall begin on the first day of July and end on the last day of June in the following calendar year, unless otherwise provided by law. (Ord. 86-10 § 1, 1986.)
4.04.020 City obligations.
A. All city financial obligations shall be made in the form of a budget appropriation. The council may make supplemental and emergency appropriations. No obligation shall be incurred nor any payment authorized or made unless an appropriation has been made by ordinance.
B. Neither the council nor any officer or employee of the city shall create, audit, allow or permit to accrue any debt or liability for any purpose in excess of available moneys in the treasury legally apportioned or appropriated for that purpose.
C. The city may incur debt and provide for payment in note and bond form as provided in AS 29.47. (Ord. 77-8 § 2 (part), 1977; Ord. 86-10 § 1, 1986.)
4.04.030 Funds designated.
Funds designated for the city shall include, but not be limited to:
A. General fund;
B. Federal revenue sharing fund;
C. Construction project fund;
D. Debt retirement fund;
E. Contingency fund;
F. Capital projects fund;
G. Senior Citizens Games Fund.
Other funds may be created as needed by resolution. (Ord. 86-10 § 1, 1986.)
4.04.040 Collection, investment and disbursement of funds.
A. The treasurer shall be responsible for the collection, custody, and disbursement of all city moneys.
B. Operating cash shall be kept in financial institutions as designated and authorized by resolution.
C. 1. The council shall regulate the investment of funds and shall direct the finance director to invest city moneys in such a manner as to provide the maximum security for the investment of public funds, adequate liquidity for the capital needs of the city, and to provide the greatest revenue consistent with the security and liquidity of such funds.
2. Authorized investments may include the following:
a. Obligations of, or obligations insured or guaranteed by the United States or an agency or instrumentality of the United States;
b. Certificates of deposit, repurchase agreements, bankers acceptances and other similar obligations of a bank domiciled in the United States that has an outstanding debt rated at least “A” or its equivalent, by a nationally recognized rating service;
c. Commercial paper and other short-term investments, which are rated at least “A1” or its equivalent, by a nationally recognized rating service;
d. General obligations of a municipality within the United States, if the obligations are rated at least “A” or its equivalent, by at least two nationally recognized rating services;
e. Mutual funds that consist of similar investments listed in subsections (C)(2)(a) through (d) above; and
f. Money market and other cash equivalent investments (such as the Alaska Municipal League Investment Pool, the National Bank of Alaska Sweep Account, etc.) with a maturity date of one year or less after date of investment, and that are of similar quality to the investments listed above.
D. All checks drawn on the treasury of the city shall be signed by the city manager and one council member or, in the absence of the city manager, by two council members. All checks prior to issuance shall be approved to be within budget allowances by the council. (Ord. 85-8, 1985; Ord. 86-10 § 1, 1986; Ord. 99-15 § 1, 1999.)
4.04.050 Independent annual audit.
Prior to the end of each fiscal year, the council shall designate a qualified firm who, as of the end of the fiscal year, shall make an independent audit or financial statement of the accounts and evidences of financial transactions of the finance department and any other departments, offices and agencies maintaining separate or subordinate accounts. Such firm shall have no personal interest, direct or indirect, in the financial affairs of the city or of any of its officers. Copies of the audit shall be made available to the public upon request. (Ord. 86-10 § 1, 1986.)