Title
Budget Snapshot: The Color of Money: Funding Sources, Uses and Restrictions
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Receive the Budget Snapshot related to funding sources, uses and restrictions.
Report
Issue:
Whether to receive a Budget Snapshot related to funding sources, uses and restrictions.
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 Color of Money is a metaphor used to describe the different categories of budget appropriations that the City uses to manage its finances; with each color representing a specific type of funding with designated purposes and restrictions on how it can be spent.
This system is critical to ensure that funds are allocated appropriately and that the City adheres to legal and regulatory requirements. Mismanagement or misallocation of funds can lead to legal issues, financial penalties and loss of public trust. The system helps in planning and executing budgets.
The Color of Money provides a vital aspect of government financial management, providing clarity on how different types of funds can be used and ensuring accountability in public spending.
Climate Analysis:
This agenda item is not expected to result in climate impacts.
Equity Analysis:
This agenda item is not expected to further impact known disparities in our community.
Neighborhood/Community Interests (if known):
Members of the community may have an interest in this agenda item as it deals with legally allowed uses for City revenues, City finances, and fiscal governance.
Financial Impact:
There is no financial impact associated with this agenda item.
Options:
1. Receive the Budget Snapshot related to funding sources, uses and restrictions.
2. Do not receive the Budget Snapshot related to funding sources, uses and restrictions.
3. Take other action.
Attachments:
None