SEATTLE CITY COUNCIL - Record No: Res 32075

• Record No: Res 32075
• Version: 1
• Type: Resolution (Res)
• Status: Adopted
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/29/2022
• Title: A RESOLUTION adopting revised financial policies for the Cumulative Reserve Subfund of the General Fund; and superseding Attachment A to Resolution 31952.
• Sponsors: Teresa Mosqueda
• Supporting documents: 1. Summary and Fiscal Note, 2. Summary Att A - Redline CRS Financial Policies, 3. Signed Resolution 32075, 4. Affidavit of Publication

Date	Ver.	Action By	Action	Result
12/2/2022	1	City Clerk	attested by City Clerk
12/2/2022	1	Mayor	returned
12/2/2022	1	Mayor	Signed
12/1/2022	1	City Clerk	submitted for Mayor's signature
11/29/2022	1	City Council	adopted	Pass
11/21/2022	1	Select Budget Committee	adopt	Pass
11/15/2022	1	City Council	referred
11/14/2022	1	Council President's Office	sent for review
11/14/2022	1	City Clerk	sent for review

CITY OF SEATTLE
RESOLUTION __________________
title
A RESOLUTION adopting revised financial policies for the Cumulative Reserve Subfund of the General Fund; and superseding Attachment A to Resolution 31952.
body
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 established 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 30379 was amended by Resolution 31083, which limited use of Real Estate Excise Tax revenues for debt service after 2006 and made other changes to uses of Real Estate Excise Tax revenues for other capital purposes; 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, Resolution 31848 was further amended by Resolution 31952, which revised
financial policies regarding uses of allocations from the Cumulative Reserve Subfund's capital project accounts by expanding 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 the revised November 2022 forecast for Real Estate Excise Tax revenues in 2023 and 2024; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEATTLE, THE MAYOR CONCURRING, THAT:
Section 1. The City Council acknowledges and endorses the following changes to
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