CITY OF SEATTLE
RESOLUTION __________________
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A RESOLUTION adopting revised financial policies for the Cumulative Reserve Subfund of the General Fund; and superseding Attachment A to Resolution 31952.
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WHEREAS, the Mayor and City Council are committed to maintaining high standards of
financial management; and
WHEREAS, adopting and periodically updating financial policies are important actions that help
to assure consistent and rational financial planning and management; and
WHEREAS, Resolution 30379 established financial policies for the General Fund Subfunds,
including the Cumulative Reserve Subfund; and
WHEREAS, the Cumulative Reserve Subfund is an essential component of The City of Seattle’s
(“City”) financial program; and
WHEREAS, Resolution 30379 was amended by Resolution 31083, which limited use of Real Estate Excise Tax revenues for debt service after 2006 and made other changes to uses of Real Estate Excise Tax revenues for other capital purposes; and
WHEREAS, Resolution 31083 was further amended by Resolution 31848, which adopted
financial policies regarding allocations from the Cumulative Reserve Subfund’s capital
project accounts for use of Real Estate Excise Tax revenues for debt service; and
WHEREAS, Resolution 31848 was further amended by Resolution 31952, which revised
financial policies regarding uses of allocations from the Cumulative Reserve Subfund’s capital project accounts by expanding use of Real Estate Excise Tax revenues for debt service; and
WHEREAS, the Mayor and City Council have reviewed the financial policies for the Cumulative
Reserve Subfund, and wish to update and revise certain parts of those policies as a result
of the revised November 2022 forecast for Real Estate Excise Tax revenues in 2023 and 2024; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEATTLE, THE MAYOR CONCURRING, THAT:
Section 1. The City Council acknowledges and endorses the following changes to
the Financial Policies for the Cumulative Reserve Subfund of the General Fund:
Policy 6c, regarding the use of Capital Project Account revenues, previously allowed those revenues to be used for paying debt service for Public Safety facilities, for paying debt service on previously issued debt for authorized capital projects per RCW 82.46.010 and 82.46.035, for paying debt service for the repair or replacement of the West Seattle Bridge, and for paying debt service on newly issued debt between January 1, 2021 and December 31, 2022 for authorized capital projects per RCW 82.46.010 and 82.46.035. This resolution expands permitted uses of those revenues for all debt service for authorized capital projects per RCW 82.46.010 and 82.46.035.
Section 2. The City Council adopts Attachment A to this resolution as the financial policies for the Cumulative Reserve Subfund of the General Fund, superseding Attachment A to Resolution 31952.
Adopted by the City Council the ________ day of _________________________, 2022, and signed by me in open session in authentication of its adoption this ________ day of _________________________, 2022.
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President ____________ of the City Council
The Mayor concurred the ________ day of _________________________, 2022.
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Bruce A. Harrell, Mayor
Filed by me this ________ day of _________________________, 2022.
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Elizabeth M. Adkisson, Interim City Clerk
(Seal)
Attachments:
Attachment A - CRS Financial Policies