ORD 2002-43 GASB 34 FUNDING ACCOUNTING
ORDINANCE NO. 2002-43
AN ORDINANCE OF THE CITY OF BAINBRIDGE ISLAND,
WASHINGTON, RELATING TO THE CITY'S FUND ACCOUNTING;
REPEALING CHAPTERS 3.25, 3.33, 3.36, 3.40, and 3.46 OF THE
BAINBRIDGE ISLAND MUNICIPAL CODE; AND AMENDING
CHllAPTER 3.44 OF THE BAINBRIDGE ISLAND MUNICIPAL CODE.
WHEREAS, Title 3 of the Bainbridge Island Municipal Code includes several chapters
relating to the creation and use of funds for accounting purposes; and
WHEREAS, most of these funds were created over a decade ago to serve the fmancial
accounting needs of the City of Winslow, which needs were significantly different from the
present and prospective needs of the City; and
WHEREAS, Governmental Accounting Standards Board Statement No. 34 effective
for the City's annual financial report for the City's 2002 fiscal year ending December 31, 2002
will require more complicated accounting if the City retains its current internal service fund(s);
and
WHEREAS, the City Council desires to update the City's fund accounting structure to
better serve its present and prospective financial accounting needs; now, therefore
THE CITY COUNCIL OF THE CITY OF BAINBRIDGE ISLAND, WASHINGTON,
DO ORDAIN AS FOLLOWS:
SECTION 1. Chapters 3.25 (Equipment and Automation Fund), 3.33 (Grant Fund),
3.36 (Parking Meter Fund), 3.40 (Unemployment Compensation Reserve Fund), and 3.46
(Expendable Trust Fund for Senior Citizen Activity Center) of the Bainbridge Island
Municipal Code are each repealed.
SECTION 2. Chapter 3.44 of the Bainbridge Island Municipal Code shall be renamed
"Utilities and Enterprise Funds" and shall be amended to read as follows:
3.44.010 Waterworks' Utility. The City's unified waterworks utility,
comprised of its Water, Sewer, and Storm & Surface Water Management
utilities shall be accounted for as though those utilities were separate funds.
3.44.020 Building & Development Services. The City shall maintain a
separate enterprise fund entitled its " Building and Development Services
Fund". The Building and Development Services Fund shall contain at least the
following separate sub-funds: Land Use Actions, Building Permits, and
Developer Improvements.
SECTION 3. The City's Current Expense Fund, its general fund, shall contain at least
the following separate sub-funds: Non-Motorized Transportation, Shoreline Restoration, Open
Space Purchases, Road End Parks, and Self-Insurance.
SECTION 4. The City shall maintain a separate fund for governmental capital
construction projects called its Capital Construction Fund. The Capital Construction Fund
shall contain separate sub-funds for General Construction, Access Road Construction, Arterial
Street Construction, Open Space Acquisitions, and Non-Motorized Transportation.
SECTION S. This Ordinance shall take effect and be in force on and after December
31, 2002, which date is more than five days after its passage, approval and publication as
required by law.
PASSED by the City Council this 18th day of December, 2002.
APPROVED by the Mayor this 18th day of December, 2002.
ATTEST I AUTIIENTICA TE:
L~~ (j? ~/
Susan P. Kasper, City erk .
APPROVED AS TO FORM:
Rod P. Kaseguma, City Attorney
FILED WITH THE CITY CLERK: December 4, 2002
PASSED BY THE CITY COUNCIL: DDcember 1 8 , 2002
PUBLISHED: December 25, 2002
EFFECTIVE DATE: December 31, 2002
ORDINANCE NO. 2002-43