CITY OF SEATTLE
RESOLUTION __________________
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A RESOLUTION relating to financial policies for the Judgment/Claims Fund; revising certain policies, establishing a new policy, and requesting a ten-year policy review cycle.
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WHEREAS, the City Council and the Mayor are committed to high standards of financial management; and
WHEREAS, adopting and periodically updating financial policies are important steps towards assuring consistent and rational financial management; and
WHEREAS, the financial policies for the Judgment/Claims Fund are essential components of financial policies; and
WHEREAS, the City Council and Mayor have reviewed the financial policies for the Judgment/Claims Fund and wish to update and modify the policies; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEATTLE, THE MAYOR CONCURRING, THAT:
Section 1. To improve risk management controls and accountability within Seattle City government and to manage claims in a consistent and comprehensive manner, the City Council (“Council”) adopts the attached policies (Exhibit A to this resolution) regarding the Judgment/Claims Fund. In so doing, the Council reaffirms certain existing financial policies for this fund and updates the policies in the following ways:
A. Policy 4 describes the revised basis upon which the judgment and claims budget will be developed.
B. Policy 6 sets a revised policy regarding fund balances.
C. Policy 10 clarifies existing policy regarding appropriate use of Judgment/Claims Fund monies.
D. Policies 12 and 13 are modified to provide revised timelines and requirements for annual reports to the Council.
E. Policy 14 is a new policy that calls for the creation of a committee to assist in Citywide risk management efforts.
Section 2. The Council requests that the City Budget Office, in conjunction with the City Attorney’s Office, Department of Finance and Administrative Services, and other City departments as needed, review the attached policies and propose updates on a ten-year cycle, with the next review scheduled for 2028.
Adopted by the City Council the ________ day of _________________________, 2018, and signed by me in open session in authentication of its adoption this ________ day of _________________________, 2018.
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President ____________ of the City Council
The Mayor concurred the ________ day of _________________________, 2018.
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Jenny A. Durkan, Mayor
Filed by me this ________ day of _________________________, 2018.
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Monica Martinez Simmons, City Clerk
(Seal)
Exhibits:
Exhibit A - Policies for the Judgment/Claims Fund, dated November 19, 2018