Title
A MOTION adopting comprehensive financial management policies for King County; and rescinding Motion 13761 and Motion 13764.
Body
WHEREAS, King County has a responsibility to manage its finances in a accountable, appropriate and sustainable manner, and
WHEREAS, the county recognizes that having formalized policies around financial management to provide guidance on developing operating budgets, capital asset management, expenditure management, revenue generation and collection and the use of fund balance, and
WHEREAS, institutionalizing good financial management practices support strong bond ratings and sustainable service and reduces fiscal risk, and
WHEREAS, the adopted comprehensive financial management policies address interfund management, intergovernmental service charges and the use of reserves and fund balance, and
WHEREAS, Motion 13761 established basic policies around interfund management and intergovernmental service charges, and
WHEREAS, Motion 13764 established basic policies around the use of reserves and fund balance;
NOW, THEREFORE, BE IT MOVED by the Council of King County:
A. King County Comprehensive Financial Management Policies, Attachment A to this motion, is hereby adopted.
B. Motion 13761 is hereby rescinded.
C. Motion 13764 is hereby rescinded.