Chapter 3.92
CONTINGENCY FUND
Sections:
3.92.010 Created.
Pursuant to RCW 35A.34.250, there is created a contingency fund to provide moneys with which to meet any city expense, the necessity or extent of which could not have been foreseen or reasonably evaluated at the time of adopting the biennial budget, or from which to provide moneys for emergencies under RCW 35A.34.140 and 35A.34.150. The contingency fund may be supported by a budget appropriation from any tax or other revenue source not restricted in use by law, or may be supported by a transfer from other unexpended or decreased funds by ordinance. The total amount accumulated in the contingency fund at any time shall not exceed the equivalent of $0.375 per $1,000 of assessed valuation of property within the city at such time. Any moneys in the contingency fund at the end of the fiscal biennium shall not lapse except upon re-appropriation by the council to another fund in the adoption of a subsequent budget. (Ord. 1187 § 4, 2006; Ord. 917 § 1, 2001).
3.92.020 Withdrawals.
No money shall be withdrawn from the contingency fund except by transfer to the appropriate operating fund authorized by a resolution or ordinance of the council adopted by a vote of the majority of the entire council, clearly stating the facts constituting the reason for the withdrawal or the emergency as the case may be, and specifying the fund to which the withdrawn money shall be transferred. (Ord. 917 § 2, 2001).
3.92.030 Reports.
A. The mayor shall provide the council with a quarterly report regarding the status of all funds in the contingency fund, including separate identification of any funds earmarked by the council for a particular potential use when initially transferred into the contingency fund.
B. As to any funds withdrawn from the contingency fund pursuant to BLMC 3.92.020 which have been earmarked by the council for a particular use at the time of withdrawal, the mayor shall, as part of the quarterly report required by this section, include a summary of whether and how such funds have been expended. (Ord. 917 § 3, 2001).