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6A.B. - Page 1 <br />REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />August 27, 2018 <br />SUBJECT <br />Adoption of Ordinance adding Section 115 Trust Account Fund, the Other Restricted <br />Donations and Grants Fund, and the Public, Educational, and Governmental (PEG) <br />Fees Fund <br />RECOMMENDATION <br />Waive the Second Reading and Adopt the Ordinance (Attachment 1) adding: <br />1. Section 2.41.13 to Chapter 2, Article IV of the Redwood City Municipal Code to <br />establish a Fiduciary Trust Fund in the City's financial system to be known as Section <br />115 Trust Account Fund; and <br />2. Section 2.41.14 to Chapter 2, Article IV to the Redwood City Municipal Code to <br />establish a Special Revenue Fund in the City's financial system to be known as Other <br />Restricted Donations and Grants Fund; and <br />3. Section 2.41.15 to Chapter 2, Article IV to the Redwood City Municipal Code to <br />establish a Capital Projects Fund in the City's financial system to be known as PEG <br />Fees Fund <br />BACKGROUND <br />The City's practice has been to establish new funds via ordinance. In keeping with past <br />practice, staff recommends the creation of three separate new funds, via ordinance, to <br />properly account for specific funds related to the City's Section 115 Pension Trust <br />Account, Other Restricted Donations and Grants, and Public, Education, and <br />Government (PEG) Fees. On July 23, 2018, the City Council waived the First Reading <br />and introduced an Ordinance adding Section 2.41.13, 2.41.14, and 2.41.15 to Chapter <br />2, Article IV to the Redwood City Municipal Code. <br />ANALYSIS <br />The Ordinance adds: <br />1. Section 2.41.13 to the Redwood City Municipal Code that establishes a new <br />Fiduciary Trust Fund in the City's financial system called the Section 115 <br />Trust Account Fund for the accounting and administration of the City's Public <br />Agencies Post -Employment Benefits Trust. <br />