HomeMy WebLinkAboutRes 2010-16RESOLUTION NO. 2010-16
A RESOLUTION OF THE MAYOR AND COUNCIL OF THE TOWN OF
FOUNTAIN HILLS, ARIZONA, ADOPTING THE AMENDED AND
RESTATED TOWN OF FOUNTAIN HILLS FINANCIAL POLICIES.
WHEREAS, the Mayor and Council of the Town of Fountain Hills (the "Town
Council ") approved Resolution No. 2003 -14, adopting the Town of Fountain Hills Financial
Policies (the "Original Financial Policies ") to establish the framework for the Town's fiscal
planning and management; and
WHEREAS, pursuant to Resolution No. 2009 -05, the Original Financial Policies were
amended and restated on June 18, 2009 (the "Amended Financial Policies ") to incorporate Rainy
Day Fund procedures and to make other technical corrections; and
WHEREAS, the Town Council desires to further amend the Amended Financial Policies
to modify the sales tax revenues allocation for the Capital Projects Fund.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE TOWN OF FOUNTAIN HILLS as follows:
SECTION 1. The recitals above are hereby incorporated as if fully set forth herein.
SECTION 2. The Financial Policies, Section VI, Revenues and Collections, Subsection
6, is hereby amended as follows:
6. Local sales tax revenues are derived from several sources with a significant
portion from construction- related activity. To ensure that the revenues from
growth or development are targeted to costs related to development or invested in
improvements that will benefit future residents or make future service provision
efficient, the Town will designate 50% 8&1A of those one -time
CONSTRUCTION - RELATED TAX revenues to FOR the Capital Projects Fund.
At the end of each fiscal year these DESIGNATED revenues will be transferred
from the General Fund to the Capital Projects Fund for future appropriation.
SECTION 3. The Mayor, the Town Manager, the Town Clerk and the Town Attorney
are hereby authorized and directed to take all steps necessary to carry out the purpose and intent
of this Resolution.
[SIGNATURES ON FOLLOWING PAGE]
1254958.1
PASSED AND ADOPTED by the Mayor and Council of the Town of Fountain Hills,
Arizona, June 17, 2010.
FOR THE TOWN OF FOUNTAIN HILLS:
J T. chlum, Mayor
REVIEWED BY:
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Richard L. Davis, Town Manager
1254956.1
ATTESTED TO:
.1. ..,., MA 10A
APPROVED AS TO FORM:
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Andrew J. McGuire, own Attorney