Chapter 3.36
CONTINGENCY RESERVE FUND
Sections:
3.36.030 ADMINISTRATION AND EXPENDITURE.
3.36.010 ESTABLISHED.
There is established a special revenue fund to be called the "Contingency Reserve Fund." The fund is established to protect the City’s General Fund in the event of unforeseen and unfunded expense or an emergency as set forth in RCW 35.33.145, as currently enacted and hereinafter amended. (Ord. 5280 §1 (part), 2015: Ord. 5021 §1 (part), 2007: Ord. 4524 §1, 1995)
3.36.020 AMOUNT AND SOURCE.
The minimum Contingency Reserve Fund balance shall be established in an amount equivalent to thirty-seven and one-half cents ($0.375) per thousand dollars ($1,000) of assessed valuation of property within the City at such time, or such other amount as established by RCW 35.33.145 ("minimum fund balance"). If at any time the cash balance of the fund is less than the minimum fund balance, a repayment plan shall be established by the Mayor and approved by the City Council to replenish the fund to its minimum level.
The proceeds of sale of all General Fund real property shall be deposited to the Contingency Reserve Fund. (Ord. 5280 §1 (part), 2015: Ord. 5021 §1 (part), 2007: Ord. 4524 §2, 1995)
3.36.030 ADMINISTRATION AND EXPENDITURE.
The Contingency Reserve Fund shall be operated as a special revenue fund administered by the Director of Financial Services and the Mayor. All monies received by the fund, together with investment earnings thereon, may be expended only in the following manner:
(a) Emergency or Unfunded Unforeseen Expense. Funds may be expended from the Contingency Reserve Fund in the event of 1) a bona fide emergency as defined in and pursuant to RCW 35.33.081 and 35.33.091, as currently enacted and hereinafter amended, or 2) for an unforeseen and unfunded expense. In either event, funds may be withdrawn from the Contingency Reserve Fund by transfer to the appropriate operating fund authorized by resolution or ordinance adopted by the City Council pursuant to RCW 35.33.147, as currently enacted and hereinafter amended. A unanimous vote of all members of the City Council shall be required to authorize fund transfer.
(b) Funds in Excess of Minimum Fund Balance. Should the balance of the Contingency Reserve Fund at any time exceed the minimum fund balance, the excess funds may be used for capital purchases upon City Council approval by simple majority vote. (Ord. 5280 §1 (part), 2015: Ord. 5021 §1 (part), 2007: Ord. 4524 §3, 1995)