File #: 2012-0442    Version:
Type: Ordinance Status: Passed
File created: 11/5/2012 In control: Budget and Fiscal Management Committee
On agenda: Final action: 12/10/2012
Enactment date: 12/21/2012 Enactment #: 17492
Title: AN ORDINANCE revising a financial policy of the Regional Wastewater Services Plan addressing debt financing and borrowing; and amending Ordinance 13680, Section 16, as amended, and K.C.C. 28.86.160.
Sponsors: Larry Phillips
Indexes: Financial Systems, Wastewater
Attachments: 1. Ordinance 17492.pdf, 2. 2012-0442 -0443 -0444 Attachment 4 FPWG Report.pdf, 3. 2012-0442-44 Reserves and short term debt policies (11-07-12)sr.doc, 4. PO 2012-0442 Amendment 1.docx, 5. 2012-0442-44 Reserves and short term debt policies (12-04-12)sr.doc, 6. 2012-0442-0444 Attachment 3 - FPWG reccs Reserves and Variable-Rate Debt.pdf
Staff: Mountsier, Beth
Title
AN ORDINANCE revising a financial policy of the Regional Wastewater Services Plan addressing debt financing and borrowing; and amending Ordinance 13680, Section 16, as amended, and K.C.C. 28.86.160.
Body
STATEMENT OF FACTS:
1. The metropolitan King County council, in assuming the legislative powers of the municipality of metropolitan Seattle, readopted the Comprehensive Water Pollution Abatement Plan by Ordinance 12074 on December 6, 1995.
2. The Regional Wastewater Services Plan ("RWSP") was adopted by the King County council in November 1999 by Ordinance 13680 and codified in K.C.C. chapter 28.86.
3. The RWSP is a supplement to the King County comprehensive water pollution abatement plan. The RWSP identifies projects and programs needed to provide wastewater capacity for homes and businesses in the wastewater service area through 2030. The RWSP also provides policy direction for the operation and continued development of the wastewater system and its capital improvement program, including financial policies to guide financial forecasting and budgeting, debt financing and borrowing and collection of revenue to support the implementation of the RWSP.
4. In 2001 and 2006 the King County council amended policies in the RWSP, including amending and adding financial policies, as recommended by the regional water quality committee.
8. In 2009, the regional water quality committee's work plan included a task to review financial policies of the RWSP. In September 2009, the regional water quality committee chartered a financial policies work group ("FPWG") comprised of staff representing the metropolitan water pollution abatement advisory committee, sewer districts, the cities of Seattle and Bellevue, the executive and council. FPWG was directed to review a limited set of policies and make recommendations back to the committee.
9. In October 2010, FPWG presented its first recommendations regarding amendments to financial policies regarding reserves and ...

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