Chapter 2.24
SALES TAX RESERVE FUND
Sections:
2.24.040 Established.
2.24.080 Purposes.
2.24.120 Administration.
2.24.160 Allocations – Transfers.
2.24.200 Exception to chapter.
2.24.040 Established.
There is established for the city a fund to be known as the “sales tax reserve fund,” into which all revenues received by the city from the recently authorized city sales tax allocation shall be deposited. [Ord. 2839 § 1, 1970.]
2.24.080 Purposes.
The fund provided for and established in ECC 2.24.040 is designated as a cumulative reserve fund for the following stated purposes, as contemplated by RCW 35.21.070 as presently enacted:
A. Public safety services;
B. Maintenance of streets;
C. Parks and recreation services;
D. Library services; and
E. Such other uses as approved and authorized in the annual budget. [Ord. 3205 § 1, 1978; Ord. 2839 § 2, 1970.]
2.24.120 Administration.
The accumulations, expenditures and administration of and from this fund shall be made in the manner provided by law, and specifically subject to the requirements of RCW 35.21.070. [Ord. 2839 § 3, 1970.]
2.24.160 Allocations – Transfers.
Allocations and transfers to and from this fund shall be provided for in the annual city budget and any changes during any budget year shall be accomplished by amendatory ordinances as provided by law. [Ord. 2839 § 4, 1970.]
2.24.200 Exception to chapter.
As an exception to the foregoing provisions relating to this fund, the city clerk and/or city finance director/treasurer is authorized and directed to deposit in the current expense fund an amount equal to that anticipated revenue from the state aid grant which was provided for in the 1970 budget but in no case shall this amount exceed $70,000 annually. [Ord. 2839 § 5, 1970.]