Chapter 3.24
FUNDS

Sections:

3.24.010    Cumulative reserve fund.

3.24.020    Claims clearing fund.

3.24.030    Payroll clearing fund.

3.24.040    Treasurer’s trust fund.

3.24.050    Utility fund.

3.24.060    Transportation fund.

3.24.065    Petty cash fund.

3.24.070    Woodway centennial committee fund.

3.24.080    Expendable trust fund.

3.24.010 Cumulative reserve fund.

A.    There is established a cumulative reserve fund for the purpose of accumulating money to be expended upon resolution passed by the affirmative vote of not less than four councilmen for the acquisition of specified supplies, material, or equipment, or for the acquisition of land for any municipal purpose, or for the construction, alteration or repair of any public building or work, or for the making of any public improvement.

B.    Such fund shall be designated "cumulative reserve fund for general capital purposes."

C.    The moneys in said fund may be allowed to accumulate from year to year until the council determines to expend all or any portion of the money in such fund for a specified purpose or purposes, or until the council, by resolution passed by the affirmative vote of not less than four councilmen, shall transfer all or a portion thereof to a cumulative reserve fund created for a specific purpose.

D.    There shall be paid into the cumulative reserve fund for general capital improvements and acquisitions such sums of money as may be designated or appropriated therefor from time to time, or accumulated from surplus existing at the close of each fiscal year and not otherwise appropriated for use in the succeeding year’s estimate of income and expenditures. (Ord. 15 §§ l-4, 1959)

3.24.020 Claims clearing fund.

A.    There is created a fund to be known as the claims clearing fund.

B.    The town clerk is authorized, empowered and directed to transfer from the funds of the various departments to the claims clearing fund sufficient moneys to pay the claims against the various departments of the town.

C.    The claims clearing fund shall be used only for the purpose of paying any claims against the town. The town clerk is authorized, empowered and directed to issue warrants on and against the fund in payment of materials furnished, services rendered or expense or liability incurred by the town. The warrants shall be issued only after there has been filed with the city clerk proper vouchers, approved by the town council, stating the nature of the claims, the amounts due or owing and the persons, firms or corporations entitled thereto. All warrants issued on or against the fund shall be solely and only for the purposes herein set forth and shall be payable only out of and from the fund. Each warrant issued under the provisions of this section shall have on its face the words, "Claims Clearing Fund." (Ord. 118 §§ l, 2, 3, 1981)

3.24.030 Payroll clearing fund.

A.    There is created a fund to be known as the payroll clearing fund.

B.    The town clerk is authorized, empowered and directed to transfer from the funds of the various departments to the payroll clearing fund sufficient moneys to pay the salaries, wages and other compensations of the employees of the various departments of the town.

C.    The payroll clearing fund shall be used only for the purposes of paying and compensating employees of the town for services rendered, and paying employee deductions to those persons, agencies and organizations entitled to such payments. The town clerk is authorized, empowered and directed to issue warrants on and against the fund for these purposes. The warrants shall be issued only after there has been filed with the town clerk proper payrolls, due bills, or time certificates approved by the town council stating the nature of the services rendered, the amount due or owing and the persons entitled thereto. All warrants issued on or against the fund shall be solely and for the purposes set forth in this section, and shall be payable only out of and from the fund. Each warrant issued under the provisions of this section shall have printed on its face the words, "Payroll Clearing Fund." (Ord. 119 §§ 1, 2, 3, 1981)

3.24.040 Treasurer’s trust fund.

A.    There is created a fund to be known as the treasurer’s trust fund.

B.    The treasurer’s trust fund shall receive all nonrevenue receipts.

C.    The treasurer’s trust fund shall be used only for the payment of nonexpenditure disbursements. The town clerk is authorized, empowered and directed to issue checks on and against the fund in payment thereof. (Ord. 121 §§ l, 2, 3, 1981)

3.24.050 Utility fund.

A.    There is created a fund to be known as the utility fund.

B.    The utility fund shall be used to account for all revenues and expenditures of all utility enterprises which are or may be established by the town. The transactions of each individual utility enterprise shall be accounted for separately within the overall utility fund.

C.    The utility fund established by this section is created from its previous position within the current expense fund. Based upon 1982 appropriations and estimated revenues and expense as of date of passage of the ordinance codified in this section, the sum of one thousand two hundred ninety-four dollars is transferred from the current expense fund to the utility fund; and the entire accumulated sum in the sewer operating reserve fund as of the effective date of this ordinance codified in this section is transferred to the utility fund. (Ord. 141 §§ 1, 2, 3, 1983.)

3.24.060 Transportation fund.

A.    There is created a fund to be known as the transportation fund.

B.    The transportation fund shall be used to account for all revenues and expenditures associated with transportation as defined by the Budgeting, Accounting and Reporting System (BARS) Manual published by the state.

C.    The fund shall be composed of such accounts and line items as are required. It shall include at least 541, Street Construction, and 542, Street Maintenance, accounts.

D.    The entire accumulated sum in the present arterial street fund as of the effective date of the ordinance codified in this section is declared to have been derived from arterial street fuel tax source. This sum is transferred to the capital reserve fund, in the arterial street account.

E.    The existing arterial street and street maintenance funds are merged into the transportation fund. The unreserved fund balance in the street maintenance fund is transferred to the transportation fund. (Ord. 152 §§ l-4, 1984)

3.24.065 Petty cash fund.

The town clerk-treasurer is appointed as custodian of the petty cash fund and the limit for each single expenditure from such fund is twenty dollars. (Ord. 98-341 § 1: Ord. 301 § 1, 1994)

3.24.070 Woodway centennial committee fund.

A.    There is established a separate fund entitled Woodway centennial committee fund.

B.    The fund in subsection A of this section would be used for the purpose of receiving funds from both the town and from private donations to be expended for activities and items that would promote the Washington State Centennial. (Ord. 224 §§ 1, 2, 1989)

3.24.080 Expendable trust fund.

A.    There is hereby established a separate fund entitled "expendable trust fund".

B.    The aforementioned fund would be used for the purpose of receiving non-revenue funds for services in connection with land use and development permit applications and then transferred into the general fund, when costs are incurred against the deposit, as a revenue to offset the expenditures. (Ord. 98-350 §§ 1, 2)