Chapter 4.116
GENERAL FUND REVENUE STABILIZATION FUND

Sections:

4.116.010    Name of fund.

4.116.020    Purpose of fund.

4.116.030    Source of resources.

4.116.040    Operation of fund.

4.116.050    Fund manager.

4.116.010 Name of fund.

There is created a general fund sub-fund to be known as the general fund revenue stabilization fund.

(Added by Amended Ord. 08-146, Feb. 25, 2009, Eff date Mar. 22, 2009)

4.116.020 Purpose of fund.

The purpose of the general fund revenue stabilization fund is to identify, reserve, and accumulate unexpended general fund resources in order to mitigate impacts of future general fund revenue shortfalls and to provide revenue for emergency or other exigent circumstances.

(Added by Amended Ord. 08-146, Feb. 25, 2009, Eff date Mar. 22, 2009)

4.116.030 Source of resources.

(1) There shall be deposited into the general fund revenue stabilization fund contributions from the general fund in amounts determined by the county council.

(2) Such contributions may consist of:

(a) general fund resources identified in the adopted budget for a fiscal year or any year of a fiscal biennium as contributions to the general fund revenue stabilization fund as provided in SCC 4.116.040(1);

(b) general fund revenues in amounts greater than anticipated in the budget for a fiscal year or any year of a fiscal biennium identified as provided in SCC 4.116.040(2); and

(c) other general fund resources deemed appropriate by the county council.

(Added by Amended Ord. 08-146, Feb. 25, 2009, Eff date Mar. 22, 2009)

4.116.040 Operation of fund.

(1) The county executive’s budget submission for each year shall include a recommendation for a general fund contribution to the general fund revenue stabilization fund as provided in SCC 4.26.021(11).

(2) Each year as soon as possible after the general fund for the prior year is closed and audited by the state auditor, the county executive shall submit a written report to the county council stating the amount of the year-end fund balance in the general fund, if any, along with a recommendation for a general fund contribution to the general fund revenue stabilization fund to carry out the general fund reserve policy set out in SCC 4.26.065. The report shall be based on an analysis by the department of finance of available reserves in the general fund and shall include a description of relevant liquidity requirements and the purpose of any available reserves not recommended for deposit to the general fund revenue stabilization fund.

(3) The resources in the general fund revenue stabilization fund shall accumulate from year to year until such time as:

(a) available reserves in the general fund revenue stabilization fund exceed five percent (5%) of prior year revenues to the general fund and the council by majority vote appropriates all or part of the excess available reserves; or

(b) the council makes a written finding that emergency or other exigent circumstances exist that require use of county general fund reserves and by a minimum of four affirmative votes appropriates all or part of the available reserves in the general fund revenue stabilization fund.

(4) In this chapter, "available reserves" has the meaning given in SCC 4.26.010(14).

(Added by Amended Ord. 08-146, Feb. 25, 2009, Eff date Mar. 22, 2009)

4.116.050 Fund manager.

The director of the department of finance or the director’s designee shall administer the revenue stabilization fund within the financial management system provided for in chapter 2.100 SCC, and shall serve as the fund manager. The fund manager shall have the duties set out in SCC 4.05.050.

(Added by Amended Ord. 08-146, Feb. 25, 2009, Eff date Mar. 22, 2009)