[R.O. 2006 §135.010; CC 1980 §140.010]
The fiscal year for the City shall be from July first (1st)
to June thirtieth (30th) of the following year.
[R.O. 2006 §135.020; CC 1980 §140.020]
An annual budget shall be prepared in accordance with Sections
67.010 through 67.100, RSMo., and amendments thereto.
[Ord. No. 1299, 3-15-2021]
A.
Purpose. The City of Troy, Missouri, enacted Section 135.025 in an effort to ensure financial security through the maintenance of a healthy reserve fund that guides the creation, maintenance, and use of resources for financial stabilization purposes. The City's primary objective is to maintain a prudent level of financial resources to protect against reducing service levels or raising taxes and fees due to temporary revenue shortfalls or unpredicted one-time expenditures. The City of Troy, Missouri, also seeks to maintain the highest possible credit ratings which are dependent, in part, on the City's maintenance of a healthy fund balance. This policy is also being adopted to conform to GASB Statement No. 54 — Fund Balance Reporting and Governmental Fund Type Definitions. As GASB 54 provides, this policy shall impact only governmental funds and does not impact proprietary funds, fiduciary funds, or government-wide funds.
B.
ASSIGNED FUND BALANCE
CAPITAL PROJECT FUNDS
COMMITTED FUND BALANCE
DEBT SERVICE FUNDS
FUND BALANCE
HIGHEST LEVEL ACTION TO REMOVE OR CHANGE THE CONSTRAINT
HIGHEST LEVEL OF DECISION-MAKING AUTHORITY
NON-SPENDABLE FUND BALANCE
RESTRICTED FUND BALANCE
SPECIAL REVENUE FUNDS
UNASSIGNED FUND BALANCE
Definitions.
The portion of a governmental fund's net assets that the
City intends to use for a specific purpose, intent expressed by the
governing body or by an official to which the governing body delegates
the authority.
Funds used to account for and report financial resources
that are restricted, committed, or assigned to expenditure for capital
outlays including the acquisition or construction of capital facilities
and other capital assets.
The portion of a governmental fund's net assets that are
constrained to specific purposes by a government itself using its
highest level of decision-making authority; to be reported as committed,
amounts cannot be used for any other purposes unless the government
takes the same highest level action to remove or change the constraint.
Funds used to account for an report financial resources that
are restricted, committed, or assigned to expenditure for principal
and interest.
The excess of assets over liabilities in a governmental fund.
An Ordinance duly passed in conformance with State law by
the Board of Aldermen for the City of Troy, Missouri.
The Board of Aldermen for the City of Troy, Missouri.
The portion of a governmental fund's net assets that are
not in a spendable form (such as inventory, prepaids and long-term
receivables) or are legally or contractually required to be maintained
intact.
The portion of a governmental fund's net assets that are
constrained to specific purposes by their providers (such as creditors,
grantors, bond holders, and higher levels of government) either externally
imposed restrictions or imposed by law through constitutional provisions
or by enabling legislation.
Funds used to account for and report the proceeds of specific
revenue sources that are restricted or committed to expenditure for
specified purposes other than debt service or capital projects. The
term "proceeds of specific revenue sources" establishes that one (1)
or more specific restricted or committed revenues should be the foundation
of a special revenue fund and this source or sources should comprise
a substantial portion of the inflow reported into the fund.
Amounts that are available for any purpose, these amounts
are reported only in the General Fund.
C.
Annual Determination Of Budget. In accordance with Section 135.020, Budget, the Board of Aldermen shall determine the amounts to be committed initially during the budget process with an annual Ordinance accepting the annual budget for the City of Troy, Missouri. If the balance of the budget shall fall below the committed amount, the Board of Aldermen shall identify a plan to restore the committed fund balance to its target as part of the budget process.
D.
Amendments
To The Budget. The Board of Aldermen may at any time through out the
budget year establish, modify, or rescind the fund balance commitments
by passage of an Ordinance.
E.
Assignments
Of Fund Balance. The City Treasurer, subject to the final review of
the Mayor and Board of Aldermen, shall have the authority to assign
fund balance and determine the proper amounts to be assigned for purposes
as determined necessary to achieve Fund balance.
F.
Fund
Balance. The City of Troy, Missouri, shall accumulate a Fund balance
of the City's General Fund to provide stability and flexibility to
respond to unexpected adversity and/or opportunities, also known as
an Annual Budget Reserve. The City of Troy, Missouri, has a stabilization
target of maintaining at least fifty percent (50%) of the incoming
budget year's annual operating expenditures (excluding debt service
and capital outlay) This amount shall be held in fund balance as a
reserve for the current fiscal year in the General Fund. If the balance
shall fall below such amount, the Board of Aldermen shall identify
a plan to restore the fund balance to its target amount as part of
the annual budget proposal. The Board of Aldermen of the City of Troy,
Missouri, shall have the ability to have a greater stabilization target
from year to year without modification of this Section but may not
decrease the amount without further action under this Section.
G.
Access
Of Fund Balance. The City of Troy, Missouri, may only access the Fund
balance under the following circumstances:
1.
To draw down the City's Fund balance to the recommended funding rate
by using such funds for capital expenditures, long term obligations,
or debt service needs;
2.
To respond to emergency funding necessities which are not expected
to occur routinely. (For example: A revenue shortfall resulting from
a natural disaster or a man-made emergency resulting in more than
a fifty percent (50%) decrease in total revenue of a particular fund
for more than three (3) consecutive months; or Annual growth in certain
economic indicators (i.e., cost of living) is expected to fall below
one percent (1%) or is close to no growth at all).
H.
Priority
Of Spending Of Fund Balance. The City of Troy, Missouri, shall spend
the most restricted dollars in its Fund before spending its less restricted
dollars in the following order:
[R.O. 2006 §135.050; CC 1980 §140.050; Ord. No. 406, 8-15-1951]
The City extended to all eligible employees and officials of
the City the benefits of the System of Federal Old-Age and Survivors
Insurance, authorized by the Social Security Act Amendments of 1950,
and by Senate Committee Substitute for Senate Bill No. 3 of the 66th
General Assembly of Missouri as of August 13, 1951.
[R.O. 2006 §135.060; CC 1980 §140.060; Ord. No. 446, 4-11-1960; Ord. No. 448, 4-11-1960]
A.
The
City elected to accept the provisions of the Workers' Compensation
Law of Missouri, as set forth in the Revised Statutes of Missouri,
1949, and amendments thereafter.
B.
The
City elected to accept the provisions of an amendment to Section 287.020,
RSMo., relating to Occupational Diseases under Missouri's Workers'
Compensation Law.
[R.O. 2006 §145.010]
Pursuant to the authority granted by and subject to the provisions
of Sections 94.500 to 94.540, RSMo., a tax for general revenue purposes
is hereby imposed upon all sellers for the privilege of engaging in
the business of selling tangible personal property or rendering taxable
services at retail to the extent and in the manner provided in Sections
144.010 to 144.525, RSMo., and the rules and regulations of the Director
of Revenue issued pursuant thereto. The rate of the tax shall be one
percent (1%) on the receipts from the sale at retail of all tangible
personal property or taxable services at retail within the City, if
such property and taxable services are subject to taxation by the
State of Missouri under the provisions of Section 144.010 to 144.525,
RSMo. The tax shall become effective as provided in Section 94.510,
RSMo., and shall be collected pursuant to the provisions of Sections
94.500 to 94.550, RSMo.
[R.O. 2006 §145.020]
Pursuant to the authority granted by and subject to the provisions
of Sections 94.700 through 94.755, RSMo., as amended, a tax for transportation
purposes is hereby imposed on all sellers for the privilege of engaging
in the business of selling tangible personal property or rendering
taxable services at retail to the extent and in the manner provided
in Chapter 144, RSMo., and the rules and regulations of the Director
of Revenue issued pursuant thereto. The rate of tax shall be one-half
of one percent (0.5%) on the receipts from sale at retail of all tangible
personal property or taxable services at retail within the City limits
of the City of Troy, Missouri, if such property and taxable services
are subject to taxation by the State of Missouri under the provisions
of Chapter 144, RSMo., as amended. The tax shall be collected pursuant
to the provisions of Sections 94.700 through 94.755, RSMo., as amended.
[Ord. No. 1146 §1, 7-18-2011]
There is hereby imposed a sales tax in the amount of one-half
of one percent (.5%) on all taxable sales made in the City which are
subject to taxation under the provisions of Sections 144.010 to 144.525,
inclusive, RSMo., as amended, including, but not limited to, all sales
of metered water services, electricity, electrical current and natural,
artificial or propane gas, wood, coal, or home heating oil for domestic
use only pursuant to Section 144.032, RSMo., as amended, for the purpose
of funding any municipal capital improvement.
[Ord. No. 1334, 1-19-2023[1]]
A sales tax at the rate of three percent (3%) on all tangible
personal property retail sales of adult-use marijuana sold in the
City of Troy, Missouri, as authorized by Article XIV, Section 2.6(5)
of the Missouri Constitution, is hereby imposed. The tax imposed hereunder
shall be in addition to any and all other sales taxes allowed by law.
[1]
Editor's Note: This tax was passed by a majority of the electorate
4-4-2023.
