File #: 2012-0263    Version:
Type: Motion Status: Passed
File created: 7/26/2012 In control: Budget and Fiscal Management Committee
On agenda: Final action: 11/5/2012
Enactment date: Enactment #: 13764
Title: A MOTION adopting a reserve and fund balance policy for King County and rescinding Motions 5888 and 12144.
Sponsors: Joe McDermott
Indexes: Financial Policies
Attachments: 1. Motion 13764.pdf, 2. 2012-0263 transmittal letter.doc, 3. A. Fund Balance Policies, 4. 2012-0263 Staff Report (10-24-12).doc, 5. 2012-0263 Amendment 1(10-24-12).doc, 6. 2012-0263 AmendmentT1 (10-24-12).doc, 7. 2012-0263 Revised Staff Report 11-1-12.doc, 8. A. King County Fund Balance Policies, dated 10-24-2012, 9. 2012-0263 Amendment 1 - 11-5-12.pdf
Staff: Hamacher, Patrick
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      A.  Motion 5888 is hereby rescinded.
      B.  Motion 12144 is hereby rescinded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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