Title
Approval of an Ordinance Amending Ordinance 7120 (Special Funds)
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve the ordinance amending Ordinance 7120 on second reading.
Report
Issue:
Whether to amend Ordinance 7120.
Staff Contact:
Bill Sampson, Accounting Services Manager, Administrative Services Department, 360.753.8473
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
Background and Analysis has not changed from first to second reading.
City Council may revise the City’s operating and capital budgets by approving an ordinance. Generally, budget amendments are presented quarterly to Council for their review and approval but may be made at any time during the year. The amended ordinances appropriate funds and provide authorization to expend the funds.
Budget Items being presented to the Council:
1. Reclassify Washington Center Endowment Fund to Operating Fund (General Fund Sub-Fund) and move budget of $11,500 from Special Funds. This is required by Generally Accepted Accounting Principles.
2. Appropriation of $40,900 for clean team salaries and downtown ambassadors Funding from HUD Fund balance.
Neighborhood/Community Interests (if known):
None noted.
Options:
1) Approve ordinance that amends ordinance 7120.
2) Do not approve the proposed ordinance. This will create a violation of generally accepted accounting principles regarding the classification of funds and clean team and downtown ambassadors will be underfunded.
Financial Impact:
Total increase appropriations by $40,900. Appropriations of $11,500 will move to a General Fund Sub-Fund.
Attachments:
Ordinance