Title
A MOTION adopting a reserve and fund balance policy for King County and rescinding Motions 5888 and 12144.
Body
WHEREAS, King County often reserves funds to ensure a stable financial base for the delivery and sustainability of services, and
WHEREAS, the county recognizes that having formalized policies to provide guidance on reserving funds for future expenditures, providing working capital, meeting mandated reserve levels and offsetting unexpected revenue or expenditure fluctuations better ensures a stable financial base, and
WHEREAS, the Governmental Accounting Standards Board Statement No. 54 has provided new guidance on accounting for funds held in reserve, and
WHEREAS, Motion 5888 established basic policies around general fund undesignated fund balance, financial planning for all King County operating funds, interfund management and intergovernmental service charges;
WHEREAS, Motion 12144 established a six percent end fund balance target for the Facilities Management Division
NOW, THEREFORE, BE IT MOVED by the Council of King County:
A. Motion 5888 is hereby rescinded.
B. Motion 12144 is hereby rescinded
C. King County Fund Balance Policies, Attachment A to this motion, is hereby adopted.
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