022-14 - Ordinance - Establishing FundsIntroduced by:
City Treasurer
Requested by: Council Finance Committee
Drafted by:
City Treasurer
Introduced:
December 9, 2014
Adopted:
December 9, 2014
ORDINANCE NO. 022-14
AN ORDINANCE OF THE CITY OF PORT ORCHARD,
WASHINGTON, ESTABLISHING A CAPTIAL
CONSTRUCTION FUND, REAL ESTATE EXCISE TAX
FUND, STORM DRAINAGE CAPITAL FACILITIES
FUND, AND THE WASTEWATER TREATMENT
FACILITY FEE FUND.
WHEREAS, the City of Port Orchard reports its financial condition using
Generally Accepted Accounting Principles (GAAP) in compliance with the Budget
Accounting Reporting System (BARS); and
WHEREAS, from time to time, the City establishes or repeals Fund
designations to improve the usefulness and understandability of government fund balance
information, and provide more clearly defined categories to make the nature and extent of
the constraints placed on a governments fund balance more transparent; and
WHEREAS, The Budget Accounting Reporting System (BARS) requires
common terminology and classification consistently throughout the budget, the accounts,
and the financial reports of each fiend; and
WHEREAS, during the 2015 Budget process the City Treasurer identified
changes to existing Funds and General Ledger account descriptions along with the need to
establish additional Funds contemplated in the 2015 Budget; now, therefore,
THE CITY COUNCIL OF THE CITY OF PORT ORCHARD, WASHINGTON,
DO ORDAIN AS FOLLOWS:
SECTION i. There is hereby created a fiend to be known as the "Capital
Construction Fund." This fund will account for and report financial resources that are
restricted, committed, or assigned to expenditure for capital outlays including the
acquisition or construction of capital facilities or other capital assets. Disbursements from
said fund by the City Treasurer shall be made upon proper authorization by the City
Council.
SECTION 2. There is hereby created a fund to be known as the "Real Estate Excise
Tax Fund" funded by the quarter percent tax (described as "the first quarter percent of the real
Ordinance No. 022-14
Page 2 of 2
estate excise tax" or "REET 1" and a second quarter percent tax "REET 2") to be used to
account for and report specific REET revenues. Disbursements from said fund by the City
Treasurer shall be made upon proper authorization by the City Council.
SECTION 3. There is hereby created a fund to be known as the "Storm Drainage
Capital Facilities Fund" into which monies will be placed as designated by the City Council.
Disbursement from said Fund by the City Treasurer shall be made upon proper authorization
by the City Council.
SECTION 4. There is hereby created a fund to be known as the "Wastewater
Treatment Facilities Fee Fund" into which monies will be placed as designated by the City
Council. Disbursement from said Fund by the City Treasurer shall be made upon proper
authorization by the City Council.
SECTION 5. Repealing certain fund designations no longer deemed necessary or
otherwise reclassified and incorporated into a new designation.
1. The Cumulative Reserve for Municipal Facilities Fund
2. The Wastewater Facilities Expansion Fund
SECTION 6. This ordinance shall be in full force and effect five (5) days after posting
and publication as required by law. A summary of this Ordinance may be published in lieu of
the entire ordinance, as authorized by State Law.
PASSED by the City Council of the City of Port Orchard, APPROVED by the Mayor
and attested by the Clerk in authentication of such passage this 9tn day of December, 2014.
ATTEST/�ArFT ENTICATED:
B an y Rinearson, CMC, City Clerk
APPROVED AS TO FORM:
City Attorney
s, Interim City Attorney
Timothy C. Ma es, Mayor
S ONSORED BY:
ek Ashby, douncilmem r
oly OF
�eC):
o•oz
e
/v, %�\ a °% r° a(\e 7a (•�.•`,`ye ��a,
Plfi lli�`�'
NOTICE OF CITY OF PORT ORCHARD
ORDINANCE
The following is a summary of an Ordinance approved by the Port Orchard City Council at their regular
Council meeting held December 9, 2014.
ORDINANCE NO.022-14
AN ORDINANCE OF THE CITY OF PORT ORCHARD,
WASHINGTON, ESTABLISHING A CAPTIAL
CONSTRUCTION FUND, REAL ESTATE EXCISE
TAX FUND, STORM DRAINAGE CAPITAL
FACILITIES FUND, AND THE WASTEWATER
TREATMENT FACILITY FEE FUND.
Copies of Ordinance No. 022-14 are available for review at the office of the City Clerk of the City of Port
Orchard. Upon written request a statement of the full text of the Ordinance will be mailed to any
interested person without charge. Thirty days after publication, copies of Ordinance No. 022-14 will be
provided at a nominal charge.
City of Port Orchard
Brandy Rinearson
City Clerk
Publish: Port Orchard Independent
December 19, 2014