Chapter 2.44
Departmental Reserve Funds1
Sections:
2.44.010 Water department reserve fund.
2.44.020 City street paving fund--General city street reserve fund.
2.44.040 Fire truck reserve fund--General current expense reserve fund.
2.44.050 Authority to set aside funds.
2.44.060 Compliance with state standards.
2.44.070 Cumulative reserve fund.
2.44.010 Water department reserve fund.
There is created and established a fund to be designated as the "water department reserve fund" wherein all moneys not otherwise appropriated, belonging to the water fund, shall be placed, and such other funds as may be from time to time accumulated shall be placed therein, by order of the city council. (Ord. 670 §1, 1950).
2.44.020 City street paving fund--General city street reserve fund.
There is created and established a fund to be designated as the "city street paving reserve fund," wherein all moneys shall be placed which were budgeted for that purpose; and there is also created a fund to be designated as the "general city street reserve fund," wherein all moneys not otherwise appropriated, belonging to the city street fund, shall be placed; and all other funds as may be from time to time accumulated shall be distributed to the reserve funds by order of the city council. (Ord. 670 §2, 1950).
2.44.030 Park fund.
There is created a fund to be known as a park fund of which the city treasurer shall be appointed custodian. All moneys collected by the city after the passage of this chapter derived from sale of property deeded to the city as donations for park purposes where city council orders sale of the property as not needed for park purposes shall be paid into the park fund. Money received as rental for park grounds and such other moneys as the city council may from time to time order as well as any and all moneys which may be donated to the city for park purposes will also be paid into the fund. (Ord. 433 §3, 1924).
2.44.040 Fire truck reserve fund--General current expense reserve fund.
There is created and established a fund to be designated as the "fire truck reserve fund," wherein all moneys, shall be placed which were budgeted for that purpose, and there is also created a fund to be designated as the "general current expense reserve fund," in which all moneys not otherwise appropriated, belonging to the current expense fund, shall be placed; and all such other funds as may be from time to time accumulated shall be distributed to the reserve funds by order of the city council. (Ord. 670 §3, 1950).
2.44.050 Authority to set aside funds.
The city treasurer is hereby authorized and directed to set aside funds on his books, and to make placements as provided and as may be provided by future orders of the city council. (Ord. 670 §4, 1950).
2.44.060 Compliance with state standards.
This chapter is passed in compliance with the requirements of the provisions of Chapter 60, laws of 1941 of the state of Washington. (Ord. 670 §5, 1950).
2.44.070 Cumulative reserve fund.
A. Such percentage of the net revenues credited each calendar quarter to the forest revenue fund (BARS 401-395), including, by way of example and not by way of limitation, moneys generated as the result of operations within the city forest or income earned on moneys on deposit for the benefit of such fund, as may from time to time be established by written resolution of the council or within the annual budget ordinance, shall be deposited in a fund to be established and maintained within the sewer and water fund of the city and to be denominated the "cumulative reserve fund." In the absence of a written resolution subsequently adopted by the council, the percentage of such net proceeds to be transferred for deposit in the cumulative reserve fund shall be one hundred percent.
B. The moneys deposited in that fund shall be utilized only for the following purposes:
1. After specific approval by the council, in undertaking and completing improvements or repairs to the city's sewer and water system having an estimated cost to the city exceeding two hundred thousand dollars;
2. Such other purposes as may be specifically authorized by the council.
C. The moneys subject to transfer under the provisions of this section shall be transferred by the clerk controller into the designated fund pursuant to such schedule as may be established by written resolution of the council. In the absence of a contrary schedule adopted by written resolution of the council, the transfers shall occur by the fifteenth of the month following the end of each calendar quarter. (Ord. 1426 §1, 1999).
Authority to establish cumulative reserve funds--See RCW 35.21.070.
Maintenance of separate funds required by statute--See RCW 35.37.010.