CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to City financial management; closing certain funds and authorizing the Office of City Finance to take action pursuant to those closures; authorizing the transfer of all unexpended and unencumbered balances and other assets and liabilities of those funds; abandoning appropriation authority from those funds; retiring an obsolete interfund loan authorization; and repealing Ordinance 124892.
body
WHEREAS, from time to time the City evaluates and closes funds to maintain structure and organization in the City's financial management system; and
WHEREAS, it is sound financial management for The City of Seattle to retire obsolete fund and interfund loan authorizations; and
WHEREAS, several funds have all their projects completed; and
WHEREAS, some of those funds have unexpended and unencumbered balance, other assets, or liabilities that need to be transferred before closing the funds; and
WHEREAS, when these funds close, the Finance General Appropriation to Special Funds Budget Summary Level (BO-FG-2QA00) typically is the appropriate place to transfer their contents; and
WHEREAS, the interfund loan authorized through Ordinance 124892 for the City's Consolidated (Residual) Cash Pool to finance $5,000,000 to homelessness prevention and intervention efforts has continued for longer than three years, and the loan was to be repaid with the proceeds from the sale of the Myers Way Property, which has not sold, and has no remaining liabilities; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. For each item in the following table, the fund listed in the Closed Fund column is closed and eliminated. Any unencumbered fund balance, assets, and liabilities in that fund are transferred to the fund listed in the Transferred To column. Each transfer will use the Finance General Appropriation to Special Funds Budget Summary Level (BO-FG-2QA00), usin...
Click here for full text