Chapter 3.22
CONTINGENCY FUND

Sections:

3.22.010    Creation.

3.22.020    Funding.

3.22.030    Limit of accumulations.

3.22.040    Disposition at end of fiscal year.

3.22.050    Withdrawals.

3.22.060     Fund separate from cumulative reserve funds.

3.22.010 Creation.

There is created, and there shall be maintained by the city treasurer, a special fund to be known as a “contingency fund” to provide moneys with which to meet any municipal expense, the necessity or extent of which could not have been foreseen or reasonably evaluated at the time of adopting the annual budget, and from which to provide moneys for certain nondebatable emergencies, or other emergencies as authorized by RCW 35.33.081 and RCW 35.33.091, Laws of the state. (Ord. 355 § 1, 1973).

3.22.020 Funding.

Such fund shall be supported by a budget appropriation from any tax or other revenue source not restricted in use by law, and also may be supported by a transfer from other unexpended or decreased funds made available by ordinance as set forth in RCW 35.33.121. (Ord. 355 § 2, 1973).

3.22.030 Limit of accumulations.

The total amount accumulated in such fund at any time shall not exceed the equivalent of one and one-half mills on each dollar of assessed valuation of property within the city at any time. (Ord. 355 § 3, 1973).

3.22.040 Disposition at end of fiscal year.

Any moneys in the contingency fund at the end of the fiscal year shall not lapse, except upon reappropriation by the city council, to another fund in the adoption of a subsequent budget. (Ord. 355 § 4, 1973).

3.22.050 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No money shall be withdrawn from the contingency fund, except by transfer to the appropriate operating fund authorized by a resolution or ordinance of the Connell city council adopted by a majority vote of the entire city council, which resolution or ordinance shall clearly state the facts constituting the reason for the withdrawal or of the emergency, as the case may be, specifying the fund to which the withdrawn money shall be transferred. (Ord. 355 § 5, 1973).

3.22.060 Fund separate from cumulative reserve funds.

This contingency fund shall be separate, apart and distinct from any accumulative reserve funds heretofore or hereafter created by the city. (Ord. 355 § 6, 1973).