HomeMy WebLinkAbout07/15/2015 7H �
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
SUBJECT: Ordinance No. 5280 amending Study Session Date: July 8, 2015
Chapter 3.36 of the Bremerton Municipal COUNCIL MEETING Date: July 15, 2015
Code entitled "Contingency Reserve Fund" Department: Financial Services
Presenter: Cathy Johnson
Phone: (360)473-5296
SUMMARY: Chapter 3.36 of the Bremerton 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 the chapter of$1,000,000 was established
in 2007. The Revised Code of Washington (RCW) 35.33.145 restricts the accumulation of monies in
contingency funds to $0.375 per$1,000 of total assessed valuation (A�. Currently the City's AV is
8% less than the 2007 AV resulting in an allowable reserve amount of$882,954, less than amount
currently authorized in the BMC. It is the recommendation of the Director of Financial Services that
the code be changed to reflect the formula contained in RCW to allow the reserve amount to
increase or decrease with changes in the City's assessed valuation.
ATTACHMENTS: Ordinance No. 5280
FISCAL IMPACTS (Include Budgeted Amount): The 2015 budget anticipates a fund balance of
$730,240 at 12/31/15, less than the required amount. Since the fund balance was drawn down in
2011 funds have been budgeted and transferred annually from the General Fund to rebuild the
balance to the authorized amount.
STUDY SESSION AGENDA: � No Presentation ❑ Full Presentation
STUDY SESSION ACTION: ❑x Consent Agenda ❑ General Business ❑ Public Hearing
RECOMMENDED MOTION: Move to approve Ordinance No. 5280 amending Chapter 3.36 of the
Bremerton Municipal Code to set the established contingency reserve amount equal to thirty-seven
and one-half cents per thousand dollars of assessed valuation of property within the City of
Bremerton and make other related amendments.
COUNCIL ACTION: [�Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 01/07/15 �