Chapter 4.05
CREATION AND TERMINATION OF FUNDS

Sections:

4.05.010    Definitions.

4.05.020    Purpose.

4.05.030    Creation of funds.

4.05.040    Contents of ordinances creating new funds.

4.05.050    Responsibilities of fund manager.

4.05.060    Termination of funds.

4.05.010 Definitions.

The following terms as used in this chapter shall have the meanings indicated below unless a different meaning is clearly indicated by the context.

(1) "Fund" shall mean a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives in accordance with special regulations, restrictions, or limitations.

(2) "Budget ordinance" shall mean the appropriation, tax and revenue ordinances required under county charter section 6.50 and chapter 4.26 SCC.

(3) "Executive’s proposed budget" shall mean the budget presented to the council as required by Snohomish county charter section 6.20.

(4) "Fund manager" shall mean the name and position title that is associated with an employee or appointed or elected official who is responsible for monitoring the financial activity and maintaining fiscal solvency of a fund.

(Added Ord. 86-025, April 2, 1986; Amended Ord. 07-015, March 21, 2007, Eff date April 7, 2007).

4.05.020 Purpose.

The purpose of this chapter is to provide a historical record of the creation and purpose of each established fund and to provide a method for designating a fund manager for each fund. The purpose of this chapter is to provide a historical record of the creation and purpose of each established fund and to provide a method for designating a fund manager for each fund.

(Added Ord. 86-025, April 2, 1986).

4.05.030 Creation of funds.

Funds shall hereafter be created by ordinance PROVIDED That any new fund proposed by the county executive shall be created by an ordinance separate from the budget ordinance containing such new fund. The executive shall prepare and present such ordinances required by this section to the council if the executive’s proposed budget includes any proposed new funds.

(Added Ord. 86-025, April 2, 1986; Amended Ord. 07-015, March 21, 2007, Eff date April 7, 2007).

4.05.040 Contents of ordinances creating new funds.

Ordinances that are required for the creation of new funds shall include but not be limited to the following information:

(1) Fund name.

(2) Purpose for which the fund is created.

(3) Source of resources.

(4) A requirement that the executive designate a fund manager whose name and title shall appear on a master list maintained in the department of budget and finance.

(Added Ord. 86-025, April 2, 1986).

4.05.050 Responsibilities of fund manager.

Fund managers shall be responsible for: assuring that expenditures do not exceed appropriations as formally adopted by the county council, positive cash flow is maintained, contractual obligations do not exceed budgeted appropriations or actual revenues for a fiscal year and maintenance of sufficient documentation in order to justify requests for long or short term financing of ongoing operations or capital acquisition related to a fund.

(Added Ord. 86-025, April 2, 1986).

4.05.060 Termination of funds.

A fund may be terminated by ordinance upon a finding by the county council that either no monies remain in the fund or, if monies remain in the fund, that the purposes for which the fund was created have been achieved or are no longer achievable. If monies remain in a fund to be terminated, the county council shall, in the ordinance terminating the fund, transfer the remaining monies to such fund or funds as the county council determines to be in the best interest of the county.

(Added by Ord. 07-141, Dec. 19, 2007, Eff date Jan. 1, 2008)