24 of 1964 - A resolution establishing a Golf Course Fund. (golf enterprise fund) •
• Resolution No. 24
B Joe L. Christensen
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COMMISSIONER
Resolution establishing a Golf
Course Fund.
Presented to the Board of Commissioners
AND PASSED
AUG G 19640
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CITY RECORDER
Presented to the Board of Commissionsll
AND PASSED
AUG 1 1 1964
CITY RBCORDER
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NEC.102 90 9499
• ROLL CALL
Salt Lake City,Utah, August 11 ,196 4
VOTING Aye Nay
Christensen . . �,. I move that the Resolution be adopted. `
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Catmull . . .
Harrison . . . (I
Smart . . . . / 7.
Mr. Chairman . J
RESOLUTION
Result . . . .
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RESOLUTION ESTABLISHING A
GOLF COURSE FUND.
WHEREAS, Salt Lake City has for many years operated municipal golf
courses as a part of its recreational program within the General Fund; and
WHEREAS, it is to the advantage of the citizens of Salt Lake City
and to proper fiscal and accounting procedure that the financial activities
concerning such golf courses be segregated into an enterprise fund in order
that the true financial picture respecting such courses may be accurately
reflected for the enlightenment of the Board of Commissioners and the
citizens of Salt Lake City; and
WHEREAS, such enterprise fund should reflect all of the assets and
liabilities of said golf courses;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
SALT LAKE CITY, UTAH:
1. Effective July 1, 1964, all revenues from all municipal golf
courses and all expenses of operating the same are hereby separated from
the City's General Fund and from such date shall be accounted for in a
separate enterprise fund to be known as the "Golf Course Fund."
2. In the establishment of such fund there shall be reported
therein as assets the cost value of any and all property or facilities
devoted to municipal golf course purposes including, but not limited to,
land, golf course improvements, club houses, other buildings and structures,
improvements other than buildings, machinery, equipment and furnishings
together with the cost to date of any improvements now in construction.
In the event cost values of any of said assets cannot be accurately
determined, the estimated cost values may be established, based upon the
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most reliable data available from the general records of the City.
3. There shall also be established within the fund separate
accounts for each of those certain golf course revenue bond funds de-
scribed on the records of the City as the "Bonneville Golf Course Revenue
Bond Fund", the "Mountain Dell Golf Course Revenue Bond Fund", and the
"Rose Park Golf Course Revenue Bond Fund", and in the appropriate accounts
all assets and liabilities of each fund shall be properly recorded. In
transferring said assets and liabilities there shall be incorporated into
the appropriate account the special fund provisions recited in the Bonne-
ville Golf Course Revenue Bond Ordinance, dated April 12, 1955, in the
Mountain Dell Golf Course Club House Revenue Bond Ordinance, dated May 3,
1962, and in the Rose Park Golf Course Revenue Bond Ordinance, dated
May 3, 1962. All liabilities of such accounts within the Golf Course Fund
shall be paid from the specific revenues pledged thereto by the above
ordinances, and if sufficient funds are not available from such revenues
to meet principal and interest obligations when due, the same may be paid
from other assets within the Golf Course Fund.
4. In recording in the Golf Course Fund the assets and liabilities
set forth in paragraphs 2 and 3 of this Resolution, the net value thereof,
after deduction of all liabilities and reserves, shall be reflected in such
fund as a contribution from Salt Lake City as a whole to said fund as an
expression of the policy of the Board of Commissioners to contribute and
set aside for the use of the golfing public all existing facilities.
5. Effective July 1, 1964, all of the revenues from all municipal
golf courses now existing, or that may hereafter be established, shall be
deposited in the Golf Course Fund. Such revenues shall include, but not
be limited to, golf green fees, club house concessions, driving range con-
cessions, other concessions, interest received from investments and mis-
cellaneous income from other sources.
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6. Effective July 1, 1964, the Golf Course Fund shall pay from
assets and revenue sources other than those specially pledged for repayment
of revenue bonds as set forth in the revenue bond ordinances hereinabove
referred to, all expenses for operation and maintenance of all municipal
golf courses, including those now in existence and those that may hereafter
be established.
7. The office of the City Auditor shall maintain appropriate
accounting records for the Golf Course Fund and shall make available to the
Board of Commissioners interim reports on the operation of the fund and
shall include in the City's annual financial report appropriate financial
statements reflecting the financial condition of the fund and the results
of its operations for the preceding fiscal year.
Passed by the Board of Commissioners of Salt Lake City, Utah, this
17th day of August, 1964.
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- MAYOR
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COMMISSIONER COMMISSIONER
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COMJMISSIONER COMMISSIONER