Title
Approval of an Ordinance Amending Olympia Municipal Code Section 3.04.600 to Add an Internal Service Fund to be Known as the Facilities Fund
Recommended Action
Committee Recommendation:
Not referred to a Committee.
City Manager Recommendation:
Move to approve an Ordinance amending Olympia Municipal Code Section 3.04.600 to add an Internal Service Fund to be known as the Facilities Fund.
Report
Issue:
Whether to approve an Ordinance amending Olympia Municipal Code Section 3.04.600 to add an Internal Service Fund to be known as the Facilities Fund.
Staff Contact:
Aaron BeMiller, Finance Director 360.753.8465
Presenter(s):
None - Consent Item
Background and Analysis:
Background and Analysis did not change from first to second reading.
The City Manager presented the Proposed 2023 Operating Budget to City Council on Tuesday October 4. The proposed 2023 budget included resources and expenditures for a new Facilities Fund. This fund separates facility functions, including acquisition, maintenance, improvements, and lifecycle renovations of buildings and grounds, from the General Fund.
This accounting change allows for the for the accumulation of resources within the Facilities Fund for City facility needs as any unspent funds will, beginning 2023, remain in the Facilities Fund and can be reappropriated by Council in future budgets.
Each City department and operating fund will budget for payments into the fund an amount calculated via an allocation process and/or an amount agreed upon for particular service delivery. The City Council approved the first reading of the 2023 Operating Budget on December 6.
Neighborhood/Community Interests (if known):
Community members may have an interest in this topic as it applies to the City administrative and accounting process.
Options:
1. Approve the Ordinance creating a Facilities Fund.
2. Do not approve the Ordinance creating the Facilities Fund and have staff make appropriate changes to the operating budget.
3. Reschedule the agenda item to another time and have staff make appropriate changes to the operating budget.
Financial Impact:
There is no additional financial impact of this agenda item other than what Council approved in the 2023 Operating Budget.
Attachments:
Ordinance