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HomeMy WebLinkAbout3313RESOLUTION NO. 3313 A RESOLUTION of the City Council of the City of Bremerton, Washington, authorizing the transfer of assets between the General Government, City Utilities, and Equipment Rental Reserve Funds. WHEREAS, certain City of Bremerton assets are properly held in the general government fund, others are properly held in utility funds, and specific assets are properly held in the equipment rental reserve fund; and WHEREAS, some assets are currently being held in the wrong funds as a result of general government projects that required improvement or addition of utility assets, or certain vehicle purchases made outside the Equipment Rental Reserve Fund; and WHEREAS, a transfer of assets is needed between the general government fund, the separate utility funds, and the equipment rental reserve fund of the City of Bremerton, to ensure that the assets and their values are properly located and accounted for; NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON, DOES HEREBY RESOLVE AS FOLLOWS: SECTION]. The City Council hereby authorizes and directs the Finance Director to transfer assets between the general government fund, the utility funds, and the equipment rental reserve fund according to Exhibit A, entitled "Transfer of Assets between General Government, City Utilities, and Equipment Rental Reserve Funds Finance Staff Report," which is attached hereto and incorporated herein by this reference. SECTION2. Severability. If anyone or more sections, subsections, or sentences of this Resolution are held to be unconstitutional or invalid, such decision shall not affect the validity of the remaining portion of this Resolution and the same shall remain in full force and effect. SECTION 3. Elective Date._ This Resolution shall take effect and be in force immediately upon its passage. PASS D by the City Council of the CitZ- ERIC erton, Washington this day of , 2018. YOUNCA, Coudefl President Transfer of Assets between City Funds APPROVED AS TO FORM: ROGER A. LUBOVICH, City ome ATTEST: CIAMMYR, ■ 0 1 •- • Transfer of Assets between City Funds EXHIBIT A TRANSFER OF ASSETS BETWEEN GENERAL GOVERNMENT, CITY UTILITIES, AND EQUIPMENT RENTAL RESERVE FUNDS FINANCE STAFF REPORT The City completed the Lower Wheaton Way and Washington Avenue projects, both of which included Utility improvements. The projects were constructed in General Government Capital Project Funds. Upon completion of the projects, the Utility assets must be contributed to the applicable funds. The Lower Wheaton Way project resulted in the construction of $1,224,891 of Utility assets, summarized as follows: • $91,676 Water Fund assets, including meter boxes • $382,628 Wastewater Fund assets, including pipe and manholes • $750,587 Stormwater Fund assets, including pipe, catch basins and manholes. The Washington Avenue Connector project constructed $2,066,710 new Utility assets, summarized below: $502,589 Water Fund assets, including pipe, connections and hydrants $1,102,214 Wastewater Fund assets, including land, pipe, manholes, grinder pumps and electrical upgrades $461,907 Stormwater Fund assets, including pipe, catch basins and a diffuser tee. Additionally, the Water Fund purchased two vehicles in 2016, totaling $63,581. These assets must be contributed to the Equipment Rental Reserve Fund to ensure reserves are accumulated for the replacement of these vehicles at the end of their useful lives.