City of Irvine - Fiscal Year 2023-25 Adopted Budget

SPECIAL FUNDS

Fund 180: GREAT PARK OPERATION FUND This fund is the primary special revenue fund for the Great Park and accounts for the administrative, operating, maintenance, and programming expenditures and revenue for the Great Park. The Irvine City Council formed the Great Park Corporation as a California Nonprofit Public Benefit Corporation on July 7, 2003 for the specific purpose of managing the development, operation, maintenance, and programming of the Great Park. The Great Park Corporation is governed by a five-member board of directors, all of which are members of the Irvine City Council. The Great Park Board is responsible for adopting policies and providing direction concerning planning, design, construction, operations, and maintenance for the public portions of the Park. The City of Irvine is responsible for initiating and approving land use modifications; managing financial matters, including contracts for professional and maintenance services related to the Park. The City manages all funds related to development of the Park, including accounting for Park related expenditures and investment decisions in accordance with the City's investment policy. The Department of Finance Settlement funding, which was previously recorded in this fund was moved in FY 2019-20 to a separate fund (Fund 181) to provide better fiscal transparency.

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FY 2023-25 Adopted Budget

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