Title
Budget Spotlight: Fund History
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Receive a Budget Spotlight presentation on Fund History.
Report
Issue:
Whether to receive a Budget Spotlight presentation on Fund History.
Staff Contact:
Joan Lutz, Senior Budget and Finance Manager, 360.753.8760.
Presenter(s):
Joan Lutz, Senior Budget and Finance Manager.
Background and Analysis:
The City of Olympia has fifty-five (55) different funds. The primary purpose of these funds is to ensure the separation of resources and accountability. Each fund is established to conduct specific activities. Having separate funds allows for the management and reporting on restricted or committed specific purposes, ensuring compliance with legal and contractual provisions.
This Budget Spotlight is going to focus on three (3) of Olympia's funds:
* FND_006 Development Fee Revenue Fund
* FND_506 Facilities Internal Service Fund
* FND_507 Fire Fleet Fund
FND_006 Development Fee Revenue Fund was established in November 2015 with Ordinance #6983. The purpose of the fund is to ensure development fees collected are used for development related costs as well as provide financial stability during development cycles. Resolution M-1864 in February 2017 confirmed the cost recovery target of 85% for delivering development services.
FND_506 Facilities Internal Service Fund was established in January 2023 with Ordinance #7353. The purpose of the fund is to manage facility functions such as acquisition, maintenance, improvements and lifecycle renovations of buildings and grounds. The fund allows for the accumulation of resources for future City needs. Through an allocation model, each department contributes to the Facilities Internal Service Fund.
FND_507 Fire Fleet Fund was established in December 2025 with Ordinance #7445. The City's Fire Fleet mechanics provide a very specialized service to the City as well as varying regional ...
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