Chapter 3.24
FUNDS
Sections:
3.24.020 Replacement reserve fund.
3.24.035 Affordable housing sales tax fund.
3.24.040 Capital projects fund.
3.24.050 Stormwater utility fund.
3.24.080 Additional authority.
3.24.010 General fund.
A. Purpose. The general fund (fund number 001) is established to account for all revenues and expenditures associated with ordinary Town operations, including all revenues and expenditures associated with transportation as defined by State law, that are not required to be accounted for in another fund.
B. Revenue Sources. Taxes and general revenues, including but not limited to property taxes, local sales taxes, franchise fees, liquor taxes, utility taxes, motor vehicle fuel taxes, transportation-related fees, fines and forfeitures, license fees, permits, recreation fees, and miscellaneous other revenues that support general government operations. (Ord. 20-613 § 1 (Exh. A (part)), 2020: Ord. 18-588 § 1 (Exh. A (part)), 2018)
3.24.020 Replacement reserve fund.
A. Purpose. The replacement reserve fund (fund number 002) is established to accumulate money to be expended for the acquisition of specified supplies, material, or equipment, or for the acquisition of land for any municipal purpose, or for the construction, alteration, or repair of any public building or work, or for the making of any public improvement.
B. Revenue Sources. Taxes and general revenues, including, but not limited to, property taxes as designated by the Council.
C. The money in this fund may be allowed to accumulate from year to year until the Council determines to expend all or any portion of the money for a specified purpose or purposes, or until the Council authorizes a resolution to transfer all or a portion thereof to a replacement reserve fund created for a specific purpose. (Ord. 20-613 § 1 (Exh. A (part)), 2020: Ord. 18-588 § 1 (Exh. A (part)), 2018)
3.24.030 Deposit fund.
A. Purpose. The deposit fund (fund number 004) shall be used to account for all revenues and expenditures associated with refundable and retainage deposits for facility rental, development projects, etc.
B. Revenue Sources. Refundable and retainage deposits. (Ord. 20-613 § 1 (Exh. A (part)), 2020: Ord. 18-588 § 1 (Exh. A (part)), 2018)
3.24.035 Affordable housing sales tax fund.
A. The affordable housing sales tax fund (fund number 107), a special revenue fund, is established to receive that portion of sales and use tax credited back to the Town for use for the acquisition, construction, or rehabilitation of affordable housing or facilities providing supportive housing, and for the operations and maintenance costs of new units of affordable or supportive housing, and, if eligible, for providing rental assistance to tenants.
B. Revenue Sources. All money received from a portion of sales and use taxes otherwise required to be collected and paid to the Washington State Department of Revenue pursuant to RCW 82.14.540.
C. Any unexpended funds remaining in the affordable housing sales tax fund at the end of a budget period shall not be transferred to the general fund or otherwise lapse, but funds shall be carried forward from year to year until expended for a purpose set forth in subsection A of this section. (Ord. 20-616 § 2, 2020)
3.24.040 Capital projects fund.
A. Purpose. The capital projects fund (fund number 301) is established to account for and report financial resources that are restricted, committed, or assigned (intended) for expenditure for capital outlays including the acquisition or construction of capital facilities or other capital assets. Such expenditures may include, but are not limited to, public buildings and facilities, parks, and debt service associated with such capital projects.
B. Revenue Sources. Real estate excise taxes authorized by RCW 82.46.010 and 82.46.035 and other revenue that may be authorized by the Council. (Ord. 20-613 § 1 (Exh. A (part)), 2020: Ord. 19-604 § 1, 2019: Ord. 18-588 § 1 (Exh. A (part)), 2018)
3.24.050 Stormwater utility fund.
A. Purpose. The stormwater utility fund (fund number 420) shall be used to account for all revenues and expenditures of the stormwater utility established by the Town. All utility charges shall be deposited in this fund for the purpose of paying all or any part of the cost and expense of maintaining and operating stormwater management facilities, all or any part of the cost and expense of planning, constructing and improving any such facilities, or to pay or secure the payment of all or any portion of any issue of general obligation or revenue bond issued for such purpose.
B. Revenue Sources. Revenues supporting this fund’s activities include, but are not limited to, stormwater charges, late fees, and other revenue sources as may be authorized by the Council. (Ord. 20-613 § 1 (Exh. A (part)), 2020: Ord. 18-588 § 1 (Exh. A (part)), 2018)
3.24.060 Custodial fund.
A. Purpose. The custodial fund (fund number 645) is established to account for all nonrevenues and all nonexpenditure disbursements.
B. Revenue Sources. All nonrevenue receipts. (Ord. 22-639 § 1, 2022; Ord. 20-613 § 1 (Exh. A (part)), 2020: Ord. 18-588 § 1 (Exh. A (part)), 2018)
3.24.070 Petty cash fund.
The Clerk-Treasurer is appointed as custodian of the petty cash fund, which may contain up to one hundred dollars. (Ord. 20-613 § 1 (Exh. A (part)), 2020: Ord. 18-588 § 1 (Exh. A (part)), 2018)
3.24.080 Additional authority.
A. Unless otherwise restricted by Council, the Council hereby grants the Mayor the authority to expend within each fund such amounts budgeted annually by Council as are legally allowable and as he or she deems reasonably necessary in the operation of the Town.
B. The Council further hereby grants to the Clerk-Treasurer, or the Clerk-Treasurer’s designee, the authority to make interim, temporary loans from one fund to another during the course of the fiscal year. The term of such loan shall not exceed the end of the fiscal year in which the loan was made. (Ord. 20-613 § 1 (Exh. A (part)), 2020: Ord. 18-588 § 1 (Exh. A (part)), 2018)
3.24.090 Interest earnings.
When not otherwise specified by ordinance, interest earnings accruing on cash balances in funds of the Town shall be apportioned to the general fund. (Ord. 20-613 § 1 (Exh. A (part)), 2020: Ord. 18-588 § 1 (Exh. A (part)), 2018)