TITLE: Title
Powell Bill Special Revenue Fund Ordinance
PURPOSE: To move accounting for Powell Bill funds from the General Fund to a Special Revenue Fund
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DEPARTMENT: Finance
CONTACT INFORMATION: Arche McAdoo, 919-918-7439; Cary McNallan, 919-918-7301
INFORMATION: Each year, the Town qualifies for a portion of the State Aid to Municipalities Highway Fund (aka Powell Bill Fund). These funds may be used for maintaining, repairing, and constructing streets, bikeways, etc. within the Town’s corporate limits.
In the past, these funds have been recorded in the Town’s General Fund. In an effort to streamline the accounting of these funds, and to provide a more transparent method of reporting the Powell Bill revenues and expenditures, staff is recommending that a special revenue fund be established for the sole purpose of recording all Powell Bill transactions. General accounting rules allow for this type of reporting structure and many other local governments have established special revenue funds for their own Powell Bill funds.
FISCAL & STAFF IMPACT: There is no overall fiscal impact for the Town. This will simply result in a change in reporting by shifting the Powell Bill funds from the General Fund to a Special Revenue Fund.
RECOMMENDATION:r Staff recommends that the Council approve Attachment A, an ordinance to establish a Powell Bill Special Revenue Fund.