Legal Documents of Rocky Top

Code of Rocky Top

Table of Contents » Title 5 Municipal Finance and Taxation » Chapter 8 Fund Balance Policy » § 5-803 Responsibility.
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Title 5
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Title 5, Chapter 1
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§ 5-101
Rocky Top
Title 5 : Municipal Finance and Taxation
Chapter 8 : Fund Balance Policy

5-803 : Responsibility.

Nonspendable funds are those funds that cannot be spent because they are either:

  1. Not in spendable form (e.g. inventories and prepaid);
  2. Legally or contractually required to be maintained intact.

It is the responsibility of the finance director to report all nonspendable funds appropriately in the city's financial statements.

Restricted funds are those funds that have constraints placed on their use either:

  1. Externally by creditors, grantors, contributors, or laws or regulations or other governments;
  2. By law through constitutional provisions or enabling legislation.

It is the responsibility of the finance director to report all restricted funds appropriately in the city's financial statements. All restricted funds must also be reported to the city's governing body within two (2) months of the end of the fiscal year. (Ord. #470, Feb. 2012)