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CITY OF NORTH OIMSTID <br />ORDINANCE NO 86-110 <br />By: Mr. Ronald Wilamosky <br />AN ORDINANCE CREATING A NEW FpND, ApDING TO <br />TfE FINANCIAL STRtTCTCTRE OF THE CITY OF NORTH <br />OINLSTID, A FLJND IQSTOWN AS THE PAYROLL LIABILITY <br />FCAVD, AND DECIARING AN IIMERC'ENC.'Y. <br />WHERFA.S, the City of North plmsted has incurred certain payroll <br />liabilities do to such programs as the deferred connpensation plan which was <br />adopted under provisions of the Internal Revenue Code Section 457, and <br />WFERF,AS, the City is canpelled by both Federal and State of Ohio law to <br />comply with generally accepted accounting principals as established by the <br />Goverruttiental Accounting Standards Board, and <br />WHERF,AS, in order to be in ccanpliance with the Governmental Accounting <br />Standards Board statement #2 regarding deferred canpensation plans adopted <br />under provisions of the Internal Revenue Code Section 457, a separate Fund <br />must be established to account for such liabilities, and <br />WHEI2EAS, the City of North O]msted believes that it is in its awn best <br />interest to disclose these liabilities in its financial statements. <br />NC1W, THEREFORE, BE IT ORDAINED BY THE COLTNCIL OF TFE CITY OF NOR'IH <br />OINISTED, COLINI'Y OF CCTYAHOGA, AIVD STATE OF OHIO: <br />SECTION 1. That there is hereby created a fund entitled the <br />Payroll Liability Fund. <br />SE7CI'ION 2. That such fund will reflect the total liabilities incurred <br />under provisions of the Internal Revenue Code Section 457 through the <br />payroll process. <br />SECTION 3. That upon passage of this Ordinance, the Clerk of Council is <br />instructed to forward certified copies to the Auditor of State of Ohio and <br />the Cuyahoqa County Auditor.