SEATTLE CITY COUNCIL - Record No: Res 31848

• Record No: Res 31848
• Version: 1
• Type: Resolution (Res)
• Status: Adopted
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/19/2018
• Title: A RESOLUTION adopting revised financial policies for the Cumulative Reserve Subfund of the General Fund by amending Exhibit A of Resolution 31083.
• Sponsors: Sally Bagshaw
• Supporting documents: 1. Summary and Fiscal Note, 2. Summary Att A – Redline Version of Changes to CRS Financial Policies, 3. Signed Resolution 31848, 4. Affidavit of Publication

Date	Ver.	Action By	Action	Result
11/26/2018	1	City Clerk	attested by City Clerk
11/26/2018	1	Mayor	returned
11/26/2018	1	Mayor	Signed
11/21/2018	1	City Clerk	submitted for Mayor's signature
11/19/2018	1	City Council	adopted	Pass
11/14/2018	1	Select Budget Committee	adopt	Pass
10/29/2018	1	City Council	referred
10/24/2018	1	Council President's Office	sent for review
10/22/2018	1	City Clerk	sent for review
9/24/2018	1	Mayor	Mayor's leg transmitted to Council

CITY OF SEATTLE
RESOLUTION __________________
title
A RESOLUTION adopting revised financial policies for the Cumulative Reserve Subfund of the General Fund by amending Exhibit A of Resolution 31083.
body
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 establishes 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 further amended by Resolution 31083, which adopted financial policies regarding allocations from the Cumulative Reserve Subfund's capital project accounts for asset preservation work and the direction on the use of Real Estate Excise Tax revenues for debt service; and
WHEREAS, at the time of the making of Resolution 31083, resources available for asset preservation work for general government departments relied primarily on Real Estate Excise Tax revenues; and
WHEREAS, additional resources are now available to support the City's need for asset preservation work; 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 prior to a full review and revision of those policies necessary as a result of converting the City's accounting system to PeopleSoft 9.2; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEATTLE, THE MAYOR CONCURRING, THAT:
Section 1. The City Council hereby acknowledges and endorses the following changes to the Financial Policies for the Cumulative Reserve Subfund of the General Fund that were adopted as Exhibit A to Resolution 31083, illustrated as Attach...