Chapter 3.30
FUNDS
Sections:
3.30.040 Surface water management.
3.30.070 Deferred compensation.
3.30.090 Traffic mitigation impact fee fund.
3.30.100 Park impact fee fund.
3.30.110 Strategic reserve fund.
3.30.010 General.
There is created a fund to be known as the “general fund,” to be used to pay the expenses and liabilities of the city not required to be paid from another fund. Separate accounts may be established for each city department or division. (Ord. 95-05 § 1).
3.30.020 Street.
There is created a fund to be known as the “street fund,” to account for maintenance and improvement of the city’s street and traffic systems. (Ord. 95-05 § 2).
3.30.030 Capital.
There is created a fund to be known as the “capital fund,” to account for the acquisition of major equipment and assets or projects. (Ord. 95-05 § 3).
3.30.040 Surface water management.
There is created a fund to be known as the “surface water management fund,” to be used to pay for all expenses of providing surface water collection and disposal services to the city. (Ord. 95-05 § 4).
3.30.050 Note.
There is created a fund to be known as the “note fund” from which the principal and interest of the tax anticipation note shall be paid. (Ord. 95-05 § 5).
3.30.060 Petty cash.
A. Established. The city of Edgewood is hereby authorized to establish a petty cash fund in such amount as the mayor or his or her designee may from time to time, in writing, determine necessary for the efficient carrying out of the purposes for which said fund is established but not to exceed $300.00. This fund is established for the purpose of making minor authorized disbursements and the making of change. The fund shall be administered by the city of Edgewood in accordance with regulations providing for such lawful administration.
B. Appropriation of Funds. A sum of up to but not exceeding $300.00 is authorized from the city general fund to the city petty cash fund for the purposes specified in subsection (A) of this section, and the mayor or his or her designee is authorized, from time to time, to reimburse the petty cash fund for actual expenses incurred. (Ord. 15-447 § 1 (Exh. A); Ord. 95-09 §§ 1, 2).
3.30.070 Deferred compensation.
There is hereby established an agency fund, to be known as the “deferred compensation fund,” which shall be utilized to display the annual balances of any deferred compensation plans the city may utilize. The city clerk/treasurer is hereby authorized to implement any accounting procedures necessary to meet the requirements of the Governmental Accounting Standards Board and the Washington State Auditor’s Office, and the mayor or his designee shall act as the funds administrator. The purpose of the deferred compensation fund is to account for assets related to the city’s employee tax deferred compensation program. Assets of the fund consist of investments managed by the Public Employees Benefit Services Corporation, and the assets held in such fund shall be invested in the United States Conference of Mayors Trust. (Ord. 15-447 § 1 (Exh. A); Ord. 97-80 § 1).
3.30.080 Internal service.
There is hereby established a proprietary fund, to be known as the “internal service fund,” which shall be used to account for the financing of goods or services provided by one department or agency to other departments or agencies of the governmental unit, or to other governmental units, on a cost-reimbursement basis. The city clerk/treasurer is hereby authorized to implement any accounting procedures necessary to meet the requirements of the Governmental Accounting Standards Board and the Washington State Auditor’s Office. (Ord. 97-84 § 1).
3.30.090 Traffic mitigation impact fee fund.
A special revenue fund known as the “traffic mitigation impact fee fund” is hereby established for traffic impact fees. All interest shall be retained in the fund and expended for the purposes for which impact fees were imposed. The funds shall be expended by the city only in conformance with the capital facilities element of the comprehensive plan. (Ord. 05-253 § 1).
3.30.100 Park impact fee fund.
A special revenue fund known as the “park impact fee fund” is hereby established for park impact fees collected pursuant to Chapter 4.20 EMC. All interest shall be retained in the fund and expended for the purposes for which impact fees were imposed. The funds shall be expended by the city only in conformance with the capital facilities element of the comprehensive plan. (Ord. 12-383 § 1).
3.30.110 Strategic reserve fund.
A. Purpose. A cumulative reserve fund known as the “strategic reserve fund” is hereby established. The purpose of this fund is to reserve and accumulate unexpended monetary resources in order to meet any municipal expenses, the necessity or extent of which could not have been foreseen or reasonably evaluated at the time of adopting the annual budget, to provide operating revenue as may be deemed necessary by the city council, or to provide money for emergencies; as the city council may deem appropriate.
B. Contributions. The strategic reserve fund shall receive contributions from time to time in amounts determined by the city council during the annual budget process. Contributions to the fund may consist of:
1. General fund resources identified in the adopted budget for the current fiscal year;
2. Other unreserved general fund resources.
3. The total amount accumulated in such fund at any time shall not exceed the equivalent of the maximum amount of property tax collected in any one-year period or otherwise established by the city council.
C. Budget Recommendation. The mayor’s annual budget proposal may include a recommendation for contribution or withdrawals to/from the strategic reserve fund as deemed appropriate and within policy guidelines as may be established by the city council.
D. Moneys in the fund shall be withdrawn and transferred to the appropriate operating fund only upon authorization of the city council, through an ordinance adopted by the council, clearly stating the facts constituting the reason for the withdrawal or by the mayor during a declared local or regional emergency where there is a clear life/safety condition caused by a storm, earthquake or other like condition, followed by a review by the city council at their next regular meeting.
E. Any moneys in the strategic reserve fund at the end of the fiscal year shall not lapse except upon re-appropriation by the council to another fund in the adoption of a subsequent budget which is not otherwise prohibited by state law. (Ord. 15-447 § 1 (Exh. A); Ord. 12-384 § 1).
3.30.120 Temporary LID fund.
A special fund known as the “temporary LID fund” is hereby established for all expenses of, and revenues collected pursuant to, Local Improvement District No. 1. (Ord. 12-389 § 1).