[R.O. 2011 § 120.100; R.O. 2009 § 32.065; CC 1981 § 2-149; Ord. No. 86-2, 1-7-1986; Ord. No. 07-162, 6-11-2007]
There shall be a Finance Department, the Director of which shall be the Director of Finance, appointed by the Mayor and City Council in accordance with Section 4.3(e) of the City Charter. The Director of Finance shall have knowledge of municipal accounting and taxation and shall have experience in budgeting and financial control. The Director of Finance shall have the powers and duties prescribed by Section 7.4 and other Sections of the City Charter and by ordinance.
[1]
Cross Reference: As to Audit Committee, §§ 125.170 et seq.; as to Department of Finance, Charter § 7.3; as to Director of Finance, Charter § 7.4.
[R.O. 2011 § 120.110; R.O. 2009 § 32.066; CC 1981 § 2-150; Ord. No. 86-2, 1-7-1986; Ord. No. 07-162, 6-11-2007]
The Department of Finance shall consist of the following divisions: Division of Accounting, Division of Treasury, Division of Purchases, Division of Billing and Collection and other divisions as may be required to conduct the business of the Department of Finance. The responsibility of the Division of Purchases shall be in accordance with the requirements of Section 7.5 of the City Charter and by regulations established by ordinance or by the Mayor.
[1]
Cross Reference: As to Division of Purchases, Charter § 7.5.
[R.O. 2011 § 120.120; R.O. 2009 § 32.067; CC 1981 §§ 2-151 — 2-152; Ord. No. 86-2, 1-7-1986]
A. 
The Director of Finance shall have free access to all other offices of the City for the inspection of such books, accounts and papers as concern the duties of the Director of Finance.
B. 
The Director of Finance shall keep the books and papers pertaining to the office at all times open for the inspection of the City Council or any member thereof or of the Mayor.
[R.O. 2011 § 120.140; R.O. 2009 § 32.069; CC 1981 § 2-193; Ord. No. 86-2, 1-7-1986; Ord. No. 95-76, 3-21-1995; Ord. No. 04-194, 8-13-2004]
A. 
It is the mandatory duty of the City Finance Director:
1. 
To segregate the revenues derived from the operation of the combined waterworks and sewerage system from all other revenues or funds of the City; to hold such funds separate and distinct from all other funds thereof and, if such funds shall be deposited in any bank, to maintain such deposits as an account separate and distinct from all other bank accounts of the City. Interest earned in any such account shall be considered income to the system's accounts and will be available to the system for its expenses and not to any other branch of the City, unless the City Council acts under Subsection (A)(5) of this Section to make a transfer to another branch of the City.
2. 
To devote the revenues described in Subsection (A)(1) of this Section:
a. 
First, to the payment of the expenses of operating and maintaining such system;
b. 
Second, to the payment of any and all bonds or other obligations payable from such revenues;
c. 
Third, to the establishment of a proper depreciation reserve for the benefit of such system;
d. 
Fourth, to the fulfillment of any covenants or agreements contained in any ordinance which may have authorized outstanding revenue bonds issued for the benefit of such system; and
e. 
Fifth, for the payment of the cost of improvements and extensions to such system.
3. 
To install and maintain proper books of records and accounts (entirely separate from all other records and accounts of the City) in which correct entries shall be made of all dealings or transactions of or in relation to the properties, business and affairs of the combined waterworks and sewerage system. Such accounts shall show the amount of revenues received from the system, the application of such revenues and all financial transactions in connection therewith. At least once a year such accounts shall be audited properly by a public accountant employed by the City for that purpose to be paid from the revenues received from the system. Such audits shall be at all times, during the usual business hours, open to the examination and inspection by a taxpayer, any user of the services of the system or any holder of any bonds issued or by anyone acting for or on behalf of any such taxpayer, user or bondholder. Such books of records and accounts and such audits shall conform to any reasonable and valid covenant or agreement with respect thereto set out in any ordinance which may authorize the issuance of bonds.
4. 
To perform all duties with respect to the operation of the combined waterworks and sewerage system or with respect to the revenues derived or to be derived from the operation thereof imposed by law or set out in any reasonable and valid covenant and agreement contained in any ordinance which shall authorize the issuance of revenue bonds.
5. 
No transfer of any funds derived from the operation of the combined waterworks and sewerage system to any other funds of the City shall be made except by action of the Council and no such transfer shall be made unless all expenses of operation and maintenance of the system shall have been paid, unless the principal of and the interest on all bonds due at the time of the transfer shall have been paid and unless all covenants and agreements requiring the payment of money set out in the ordinance authorizing any outstanding revenue bonds shall have been met and unless all obligations requiring the payment of money payable from such revenues when due shall have been met. No payments of any indebtedness or expenses incurred by the City, other than those above stated in Subsection (A)(2) of this Section, shall be made from the revenues derived from the operation of the system unless such revenues shall have been transferred to other funds of the City under the conditions prescribed by this Subsection.
B. 
It is the mandatory duty of the City Finance Director:
1. 
To segregate the revenues derived from the operation of the stormwater drainage system from all other revenues or funds of the City; to hold such funds separate and distinct from all other funds thereof and, if such funds shall be deposited in any bank, to maintain such deposits as an account separate and distinct from all other bank accounts of the City. Interest earned in any such account shall be considered income to the system's accounts and will be available to the system for its expenses and not to any other branch of the City, unless the City Council acts under Subsection (B)(5) of this Section to make a transfer to another branch of the City.
2. 
To devote the revenues described in Subsection (A) above first, to the payment of the expenses of operating and maintaining such system; second, to the payment of any and all bonds or other obligations payable from such revenues; third, to the establishment of a proper depreciation reserve for the benefit of such system; fourth, to the fulfillment of any covenants or agreements contained in any ordinance which may have authorized outstanding revenue bonds issued for the benefit of such system; and fifth, for the payment of the cost of improvements and extensions to such system.
3. 
To install and maintain proper books of records and accounts (entirely separate from all other records and accounts of the City) in which correct entries shall be made of all dealings or transactions of or in relation to the properties, business and affairs of the stormwater drainage system. Such accounts shall show the amount of revenues received from the system, the application of such revenues and all financial transactions in connection therewith. At least once a year such accounts shall be audited properly by a public accountant employed by the City for that purpose to be paid from the revenues received from the system. Such audits shall be at all times, during the usual business hours, open to the examination and inspection by any taxpayer, any user of the services of the system or any holder of any bonds issued or by anyone acting for or on behalf of any such taxpayer, user or bondholder. Such books of records and accounts and such audits shall conform to any reasonable and valid covenant or agreement with respect thereto set out in any ordinance which may authorize the issuance of bonds.
4. 
To perform all duties with respect to the operation of the stormwater drainage system or with respect to the revenues derived or to be derived from the operation thereof imposed by law or set out in any reasonable and valid covenant and agreement contained in any ordinance which shall authorize the issuance of revenue bonds.
5. 
No transfer of any funds derived from the operation of the stormwater drainage system to any other funds of the City shall be made except by action of the Council and no such transfer shall be made unless all expenses of operation and maintenance of said system shall have been paid, unless the principal of and the interest on all bonds due at the time of said transfer shall have been paid and unless all covenants and agreements requiring the payment of money set out in the ordinance authorizing any outstanding revenue bonds shall have been met and unless all obligations requiring the payment of money payable from such revenues when due shall have been met. No payments of any indebtedness or expenses incurred by the City, other than those above stated in Subsection (B)(2) of this Section, shall be made from the revenues derived from the operation of the system unless such revenues shall have been transferred to other funds of the City under the conditions prescribed by this Subsection.
[1]
Cross Reference: As to penalty, § 100.150.