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DATE SUBMITTED: July18,2007
BILL # 07- /91
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
........................................................................................
SUBJECT: Ordinance No. E) 0;1..(
amending Chapter 3.36 of the BMC
increasing the minimum reserve fund balance
required for the Contingency Reserve Fund
Committee Meeting Date: 8/8/2007
COUNCIL MEETING Date: 8/15/2007
Department: Financial Services
Presenter: Laura Lyon
Phone: 473-5722
SUMMARY The City's Chapter 3.36 of the BremertDu Municipal code establishes a Contingency
Reserve Fund to protect the City's General Fund in the event of unforeseen and unfunded emergency
requirements. The required minimum level expressed in this chapter of $500,000 was established in
1995 and has not been revised since. The Revised Code of Washington (RCW) 35.44.145 restricts the
accumulation of monies in contingency funds to $0.375 per $1,000 of total assessed valuation (A V).
The limit for 2007 based on the current A V for the City of $2,692,388,791 is $1,009,645.80, therefore
the Contingency Reserve minimum of $500,000 is currently well below this maximum amount. It is
the recommendation of the Director of Financial Services that the City revise the City's financial
goals and policies and Chapter 3.36 of the BMC regarding the minimum balance required for the
Contingency Rese~ve Fund - increasing the minimum level to $1,000,000.
A TT ACHMENTS: Ordinance and Explanatory Memo.
FISCAL IMPACTS (Include Budgeted Amount): None. Contingency Reserve is already funded at
the required higher level of $1,000,000.
APPROVALS:
DEPARTMENT DIRECTOR:
CITY ATTORNEY:
FINANCE DIRECTOR:
MAYOR:
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4L' ~ ~
COMMITTEE CHAIR
COUNCIL PRESIDENT:
CONSENT AGENDA D
GENERAL BUSINESS ~
PUBLIC HEARING D
RECOMMENDED MOTION: Move to approve Ordinance No. 5' Dd.-I amending Chapter
3.36 of the Bremerton Municipal Code to increase the minimum fund balance required in the
Contingency Reserve Fund to $1,000,000.
COUNCIL ACTION: ~prove D Deny D Table
D Continue D No Action