Chapter 3.40
CONTINGENCY RESERVE FUND

Sections:

3.40.010    Created.

3.40.020    Withdrawals.

3.40.030    Reports.

3.40.010 Created.

Pursuant to RCW 35A.33.145, there is hereby created a contingency reserve fund to provide moneys to meet any municipal expense, the necessity of which could not have been foreseen or reasonably evaluated at the time of adopting the biennial budget. For the purpose of maintaining the contingency reserve fund, this fund shall be financed by any tax or other revenue source not restricted by law; provided, that the total amount accumulated in such funds at any time shall not exceed the equivalent of $0.375 per $1,000 of assessed valuation of property within the city at such time. Any funds in the contingency fund at the end of the fiscal year shall not lapse except upon reappropriation by the council to another fund in the adoption of a subsequent budget. (Ord. 05-24 § 3, 2024; Ord. 20-15 § 1, 2015).

3.40.020 Withdrawals.

No funds shall be withdrawn from the contingency reserve fund except by transfer to the appropriate operating fund authorized by a resolution or ordinance of the council adopted by a vote of the majority of the entire council, clearly stating the facts constituting the reason for the withdrawal or the emergency as the case may be, and specifying the fund to which the withdrawn money shall be transferred. (Ord. 20-15 § 1, 2015).

3.40.030 Reports.

(1) The mayor shall provide the council with a semi-annual report regarding the status of all funds in the contingency reserve fund, including separate identification of any funds earmarked by the council for a particular potential use when initially transferred into the contingency reserve fund.

(2) As to any funds withdrawn from the contingency reserve fund pursuant to BMC 3.40.020 which have been earmarked by the council for a particular use at the time of withdrawal, the mayor shall, as part of the semi-annual report required by this section, include a summary of whether and how such funds have been expended. (Ord. 20-15 § 1, 2015).