Title
Approval of an Ordinance related to Chapter 3.04 Funds of the Olympia Municipal Code
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve the Ordinance amending Chapter 3.04 Funds of the Olympia Municipal Code.
Report
Issue:
Whether to approve changes to Olympia Municipal Code Chapter 3.04.
Staff Contact:
Kensey Wang, Accounting Manager, Finance, 360.753.8435
Presenter(s):
None - Consent Calendar item.
Background and Analysis:
The City has received several new revenue streams and new funds need to be created to properly reflect segregated monies and activities. The City has also ceased activities in some funds, necessitating their removal.
Opioid Settlement Fund
The City was party to a lawsuit that settled in 2022, when the City began to receive funds as a part of that settlement. Due to the external restrictions placed on these funds regarding their use, these funds should be properly segregated in a special revenue fund.
Water Infrastructure Improvement Grants Fund
The City passed Ordinance number 7414 in 2024 to distribute a percentage of the increase in utility rates to support affordable housing by reducing permit and development fees paid by developers for off-site water infrastructure improvements necessitated by affordable housing projects. These funds are considered special revenue that should be properly segregated in their own fund.
Sewer Infrastructure Improvement Grants Fund
The City passed Ordinance number 7414 in 2024 to distribute a percentage of the increase in utility rates to support affordable housing by reducing permit and development fees paid by developers for off-site sewer infrastructure improvements necessitated by affordable housing projects. These funds are considered special revenue that should be properly segregated in their own fund.
Fire Fleet Fund
Fire fleet-related activity had previously been accounted for in the General Fund but the fleet acti...
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