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ORDINANCE N0. 87- 39 ; <br />INTRODUCED BY: Mayor Fred N. Carmen <br />AN ORDINANCE ESTABLISHING THE NUMBER AND CLASSI- <br />FICATION OF FUNDS FOR MAYFIELD VILLAGE, OHIO, AND <br />DECLARING AN EMERGENCY. <br />WHEREAS, the Auditor of State is phasing in the mandate that <br />local governments prepare an annual financial report using generally <br />accepted accounting principles applicable to governments; and <br />WHEREAS, it is the goal of the Mayor and Council of Mayfield <br />Village to publish an easily understandable and comprehensive annual <br />report; and <br />WHEREAS, the Council has passed by Ordinance No. 87-21, an <br />orclinance establishing and defining a government fund accounting <br />structure for Mayfield Village; and <br />WHEREAS, the need exists to number and classify the various <br />funds of Mayfield Village, now, therefore, <br />BE IT ORDAINED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, THAT: <br />Section le For purposes of this Ordinance a fund shall be <br />defined as a fiscal and accounting entity with a self-balancing set of <br />,-, accounts recording cash and other financial resources, together with <br />all related liabilities and residual equities or balances and changes <br />therein which are segregated for the purpose of carrying on special <br />regulations, restrictions and limitations. <br />Section 2. All of the funds listed in this section have <br />been prescribed by the Auditor of State through written approval or <br />through the various audits of the Village through December 31, 1986. <br />The Community Development Block Grant Fund, CDBG Fund was approved on <br />May 29, 1987 via letter from the Auditor of State. The reclassifica- <br />tion of the Sewer Planning ana Construction Func7 was approved on July <br />15, 1987, via a letter from the Auditor of State. <br />Governmental Funds <br />A. General Fund Type <br />1. General Fund <br />B. Spe <br />la <br />2. <br />3. <br />4. <br />5. <br />6. <br />7. <br />cial Revenue Fund Type <br />Street Construction, Maintenance and Repair Fund, <br />also referred to as SCM&R Fund <br />State Highway Fund <br />Federal Revenue Sharing Fund <br />Police Operating Fund <br />Police Pension Fund <br />Recreation Fund <br />Community Development Block Grant Fund <br />also referred to as CDBG Fund