CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE related to the revenue stabilization account; amending Section 5.80.020 of the Seattle Municipal Code.
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BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Subsection 5.80.020.B of the Seattle Municipal Code, which section was last amended by Ordinance 123772, is amended as follows:
5.80.020 Structure of subfund.
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B. The Revenue Stabilization Account shall be used for revenue stabilization for future City operations and to fund activities that would otherwise be reduced in scope, suspended or eliminated due to unanticipated shortfalls in General Subfund revenues. Transfers into and expenditures from the Revenue Stabilization Account shall occur as follows:
1. Expenditures from the Revenue Stabilization Account shall require an ordinance. An assessment of the City's long-term financial outlook should be considered when making decisions about how much to expend from the Revenue Stabilization Account, including a projection of how Revenue Stabilization Account resources are expected to be used and at least partially replenished over the following four years.
2. The Revenue Stabilization Account shall be funded by (a) transfers by ordinance, (b) automatic transfer of 0.25 percent of General Subfund tax revenues forecast for 2012 and the automatic transfer of 0.50 percent of forecast General Subfund tax revenues for each year thereafter, and (c) upon completion of fiscal year accounting, automatic transfer of 50 percent of the ending General Subfund fund balance, less encumbrances, carryforwards as authorized by ordinance or state law, and planned reserve amounts reflected in the adopted budget, that is in excess of the latest revised estimate of the unreserved ending fund balance for that closed fiscal year (as published in the adopted budget). A transfer as described in subsection 5.80.020.B.2.c shall ...
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