CLOSE THE CAMPAIGN FINANCE FUND
Binding City Policy
Section 1. The Council finds:
1. Council established the Campaign Finance Fund to assist in the administration of a voluntary system of public campaign financing for Auditor, City Commissioner, and Mayoral elections. In the November 2010 election, electors voted to discontinue the program.
NOW, THEREFORE, the Council directs:
a. Effective June 30, 2011, the Campaign Finance Fund (Fund 214) will be closed. At that time, all Campaign Finance Fund account balances will be closed and transferred to the General Fund (Fund 100). Final fund financial statements for Fund 214 will be published in the Comprehensive Annual Financial Report (CAFR) for the fiscal year ending June 30, 2011.
b. The action closing the Campaign Finance Fund contained in this ordinance is binding City policy.
Section 2. The Council declares that an emergency exists because it is necessary to close the Campaign Finance Fund before the end of the fiscal year in order to properly prepare financial statements for the year ending June 30, 2011; therefore this ordinance shall be in full force and effect upon passage.
Emergency Ordinance No. 184678, passed by City Council and effective June 16, 2011.