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 B to Resolution 31848.
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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 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 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, 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 a shortfall in the City's 2020 revenue streams caused by the COVID-19 pandemic and resulting economic slowdown; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEATTLE, THE MAYOR CONCURRING, THAT:
Section 1. The City Council ("Council") finds and declares:
A. In the exercise of The City of Seattle's police powers, the City may pass regulations designed to protect and promote public peace, health, safety, and welfare.
B. On January 24, 2020, the Seattle Office of Emergency Management announced that the first reported case in Washington and in the United States of novel coronavirus (COVID-19) occurred in Snohomish County.
C. On February 28, 2020, Public Health - Seattle and King County announced the first King County and United States death due to COVID-19 at Ever...
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