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The City of Seattle
Ordinance /
Council Bill /
title
An ordinance relating to the financing of the Human Capital Management System project; amending Ordinance 127131, last amended by Ordinance 127266, to extend the term of an interfund loan.
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Recitals:
The Human Capital Management System (HCMS) project is a technology project that funds the planning, design, and replacement of the aging Human Resource Information System (HRIS), which includes the Citywide payroll and benefits system, with a new HCMS also known as Workday.
Seattle Municipal Code subsection 5.06.030.C requires City Council approval by ordinance of any interfund loan for a duration of more than 90 days.
Ordinance 127131 authorized a revolving interfund loan of $11 million to the 2025 Multipurpose LTGO Bond Fund.
Ordinance 127266 amended Ordinance 127131, authorizing an increase in the interfund loan amount from $11 million to $13.2 million and the addition of the 2026 Multipurpose LTGO Bond Fund as a borrowing fund.
Funds loaned by the Finance and Administrative Services Fund to the 2026 Multipurpose LTGO Bond Fund to implement the HCMS project were anticipated to be repaid from the 2026 limited tax general obligation (LTGO) bond issuance.
The City decided not to issue LTGO bonds during 2026.
The City anticipates issuing LTGO bonds in 2027, which proceeds will be used as the source of the loan repayment to the Finance and Administrative Services Fund.
In the normal course of business the City may temporarily lend cash between funds to maintain required balances.
The Director of Finance and the City Budget Director have determined that City Council will be acting consistently with the Debt Management Policies adopted by Resolution 31553 by authorizing an extension of the interfund loan to account for the later issuance of LTGO bonds.
Funds loaned by the Finance and Administrative Services Fund...
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