Comm No 0003.01.18 - Testimony - Ad Hoc - PONC fund and Maintenance fund

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Section 10-16. Public Access, Open Space, and Natural Resources Preservation Maintenance Fund. (a) The purpose of the public access, open space, and natural resources preservation maintenance fund is to accrue and use moneys for maintenance of lands and easements acquired by the public access, open space, and natural resources preservation fund. The maintenance fund will ensure that money is dedicated to preserve the land, promote public safety, and maintain a healthy stewardship. (b) Definitions. For the purpose of this section, the following definitions apply: "Maintenance" means to preserve and conserve lands and easements acquired by the public access, open space, and natural resources preservation fund and keep them in good repair for public safety. "Maintenance fund" means a separate fund that holds moneys directed from: 1) the general fund and property tax revenues; or 2) designated grants, private contributions, proceeds from the sale of general obligation bonds, council appropriations, and any other source of revenue. (c) There is established a public access, open space, and natural resources preservation maintenance fund (hereinafter "maintenance fund"). The maintenance fund shall be administered and managed by the department of parks and recreation Department of Finance-. The financial aspects of the maintenance fund shall be handled by the Department of Finance. (d) Deposits due to the maintenance fund. (1) In adopting each fiscal year's operating budget, the council shall appropriate one-quarter of one per cent of all real property tax revenue (including interest and penalties) to the maintenance fund. Deposits to the maintenance fund shall occur on a quarterly basis at a minimum. (2) Additional revenue deposited in the maintenance fund may consist of grants and private contributions intended for the purpose of this section, proceeds from the sale of general obligation bonds authorized and issued for the purpose of this section, council appropriations for the purpose of this section, and any other source of revenue. (e) Accounting for the maintenance fund; interest bearing accounts; reporting by the department of finance. (1) All moneys in the maintenance fund shall be deposited in interest bearing accounts until needed. Any interest shall accrue to the maintenance fund. (2) Moneys in the maintenance fund shall be identified separately for: (A) Funding received from the real property tax revenue including interest and penalties; and (B) Funding received from grants and private contributions, and any other source of revenue, and its interest earned, which: i. Shall be itemized and earmarked for specific projects for the lands or easements. ii. Shall not be subjected to the maximum accrual of funds limit provided in subsection (f). (3) Financial statements shall be posted each month on the public access, open space, and natural resources preservation fund web site. (f) Maximum accrual limit in maintenance fund; exemption to funding. (1) Only moneys derived from real property tax revenue, its interest, and its penalties shall be included in the computation of the maximum accrual limit for the maintenance fund. All other moneys specifically directed to the maintenance fund shall be held separately from those moneys in the maintenance fund that originated from real property tax revenues (including interest and penalties), and shall not be subjected to the maximum accrual limit. (2) The maximum accrual limit shall not exceed $3,000,000. (3) At the end of any fiscal year in which the maintenance fund holds unencumbered funds derived from real property tax revenue (including interest and penalties) of at least $3,000,000, any unencumbered amount in excess of that $3,000,000 shall be permanently transferred to the general fund balance. (4) Exemption to funding. If the maintenance fund holds $3,000,000 in unencumbered funds derived from real property tax revenue (including interest and penalties), then the council and the executive branch do not need to add more money to the maintenance fund until the next budget cycle.