RES 2003-49 CASH RESERVE POLICYRESOLUTION No. 2003-49
A RESOLUTION OF THE CITY OF BAINBRIDGE ISLAND, WASHINGTON,
AMENDING THE CASH RESERVE POLICIES OF THE CITY.
WHEREAS, the City by Resolution 98-36 set a cash reserve policy for the City
requiring unrestricted cash reserves equal to one; month's operating expenditures
plus utility working capital reserves equal to three months' of utility fund
operating expenses; and
WHEREAS, the City Council has determined that these reserve requirements
should be modified and restated; now, therefore,
THE CITY COUNCIL OF THE CITY OF BAINBRIDGE ISLAND, WASHINGTON,
DOES RESOLVE AS FOLLOWS:
The City shall budget within its Current Expense Fund a sub -fund designated as its
Contingency Reserve in an amount of not less than $400,000 for the purpose of providing for
events that are not foreseen at the time the annual budget is appropriated. Withdrawals from
this reserve shall only be made by amendment to the budget.
The City shall budget within its Current Expense :Fund a, sub -fund designated as its General
Reserve in an amount of not less than $850,000 for the purpose of providing for emergencies.
Withdrawals from this reserve shall only be made by amendment to the budget and shall
require a vote of a majority of the City Council plus one vote.
The City shall budget within its Current Expense Fund a sub -fund designated as its
Equipment Reserve.
In addition to these reserves, the City shall budget. positive unrestricted and undesignated
balances in its Current Expense Fund.
PASSED b.y the City Council this 17th day of December, 2003.
APPROVED by the Mayor this 18th da
ATTEST/AUTHENTICATE :
�Lusan P. Kasper, City Cler
FILED WITH THE CITY CLERK:
PASSED BY THE CITY COUNCIL
PUBLISHED:
EFFECTIVE DATE:
RESOLUTION NO.:
October 15, 2003
December 17, 2003
December 24, 2003
Immediately
2003-49