Chapter 3.85
CAPITAL FACILITIES AND MAINTENANCE RESERVE FUND
Sections:
3.85.010 Capital facilities and maintenance reserve fund.
3.85.030 Revenue sources – Restrictions.
3.85.040 Disposition of revenue.
3.85.070 Interest and earnings.
3.85.010 Capital facilities and maintenance reserve fund.
There is hereby created a fund of the city that is to be titled the capital facilities and maintenance reserve fund. (Ord. 1051 § 1, 2012)
3.85.020 Purpose.
The purpose of the fund is to provide for programmed and occasional savings for major maintenance projects for the City Hall building and grounds, and for other municipal facility and grounds projects as identified by the city council in the capital improvement program adopted under LFPMC 3.08.030. (Ord. 1051 § 1, 2012)
3.85.030 Revenue sources – Restrictions.
Any sources of revenue to the capital facilities and maintenance reserve fund that have restrictions as to use such as those identified in Chapter 82.45 RCW shall comply with all applicable rules, regulations, laws and court decisions regarding those revenue sources at the time of their expenditure. (Ord. 1051 § 1, 2012)
3.85.040 Disposition of revenue.
The proceeds of the revenues budgeted in this fund shall be held in the fund until a qualifying project is identified in the city capital improvement program and monies for that project are appropriated in the biennial budget, budget update or budget amendment. The finance director shall then transfer monies for that project from the capital facilities and maintenance reserve fund to the capital improvement fund (No. 301). Any remaining proceeds following the completion of the approved project shall be transferred back to the capital facilities and maintenance reserve fund. (Ord. 1051 § 1, 2012)
3.85.050 Plan required.
No later than April 1, 2013, the administration will submit to the city council a plan for City Hall/municipal court major maintenance and improvements. The plan will identify, to the best of the staff ability, needed improvements and major maintenance in a cyclical and repetitive manner and the plan shall identify an average annual amount needed to keep the City Hall in an optimal long-term condition. This plan will be updated at least biennially on the same cycle as the capital improvement program. A plan will also be created for any other municipal facilities and grounds as identified and approved by the city council, including an average annual amount to keep them in an optimal long-term condition. (Ord. 1051 § 1, 2012)
3.85.060 Transfer of funds.
On or after January 1, 2013, the finance director shall transfer $140,000 from the long-term general obligation fund (201) to the capital facilities and maintenance reserve fund. Each year thereafter, the finance director shall transfer monies to the capital facilities and maintenance reserve fund from real estate excise tax 1 proceeds in the aggregate average annual amount of the plan(s) adopted pursuant to LFPMC 3.85.050. The transfer shall be made at such time to assure that projects identified in the City Hall/municipal court major maintenance and improvements plan for the current budget year are funded, within the limits of the existing cash in Fund 301. (Ord. 1051 § 1, 2012)
3.85.070 Interest and earnings.
Any interest and earnings from the capital facilities and maintenance reserve fund shall be paid into the capital facilities and maintenance reserve fund. (Ord. 1051 § 1, 2012)