CITY OF SEATTLE
RESOLUTION __________________
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A RESOLUTION adopting revised financial policies for the Emergency Subfund.
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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 ensure consistent and rational financial planning and management; and
WHEREAS, Resolution 30379 establishes financial policies for the General Fund Subfunds including the Emergency Subfund; and
WHEREAS, the City's current policy for funding the Emergency Subfund is the maximum allowed under RCW 35.32A.060 of thirty-seven and one-half cents per thousand dollars of assessed value; and
WHEREAS, the City also maintains a Revenue Stabilization Account, that currently has a balance of $47,500,000, its highest level ever; and
WHEREAS, the balance in the Emergency Subfund has increased by 35 percent over the last five years and now totals more than $59,000,000, its highest level ever; and
WHEREAS, assessed property values in the City are projected to escalate more than 17 percent over the next two years and grow at rates that exceed inflation into the future; and
WHEREAS, the City's property tax revenues are statutorily constrained to grow at no more than one percent plus the value of new construction, and thus do not increase at the same rate as assessed values; and
WHEREAS, the City has declared a State of Emergency in response to the current homelessness crisis and is investing an unprecedented level of City resources to address this Crisis; and
WHEREAS, the Mayor and City Council have reviewed the financial policies for the Emergency Subfund and wish to revise and update those policies; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEATTLE, THE MAYOR CONCURRING, THAT:
Section 1. The City Council hereby adopts Attachment A to this Resolution as Financial Policies for the Emergency Subfund of the General Fu...
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