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6A.B. - Page 2 <br />2. Section 2.41.14 to the Redwood City Municipal Code that establishes a new <br />Special Revenue Fund in the City's financial system called the Other <br />Restricted Donations and Grants Fund for the deposit of and accounting for <br />donations and grants received from businesses, organizations or individuals <br />for specific programs or for other purposes. <br />3. Section 2.41.15 to the Redwood City Municipal Code that establishes a new <br />Capital Projects Fund in the City's financial system called the PEG Fees Fund <br />for the deposit of and accounting for monies collected from cable operators in <br />the City for the funding of PEG channel facilities. <br />If adopted, this ordinance will be effective 30 days from this action. <br />ALTERNATIVES <br />Council could decide not to create the new funds. If so, monies deposited into the Trust <br />will have to be accounted for in a different City fund, which would be in violation of fund <br />reporting standards established by the Governmental Accounting Standards Board. In <br />addition, other restricted donations and grants and PEG Fees will be accounted for in <br />other City funds. This will create inefficiencies and compromise the ability to account <br />for specific funding and program balances. <br />FISCAL IMPACT <br />None, as this is only for accounting purposes. <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under CEQA as defined in CEQA Guidelines, section <br />15378, because it has no potential for resulting in either a direct or a reasonably <br />foreseeable indirect physical change in the environment. <br />KIMBRA MCCARTHY <br />ASSISTANT CITY MANAGER OF ADMINISTRATIVE SERVICES <br />