HomeMy WebLinkAbout1323RESOLUTION NO. /~02~
A RESOLUTION of the City of Kent,
Washington, relating to the City's Contingency
Fund.
WHEREAS, the City of Kent has been experiencing budget
shortfalls during the last two years as the result of lower than
forecast revenues; and
WHEREAS, the City Council approved the 1992 fiscal year
budget with the use of established contingency funds in order to
balance the budget with minimum impact on the level of services
provided by the City; and
WHEREAS, the City Council now deems it advisable to
increase the level of funds in the Contingency Fund; NOW,
THEREFORE,
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON DOES
HEREBY RESOLVE AS FOLLOWS:
Section 1. There is hereby established, as a policy of
the City Council, that beginning with the fiscal year 1993 budget,
the Contingency Fund shall be increased each year by one percent
(1%) of the City's total budget for that year until the Contingency
Fund has reached a level of ten percent (10%) of the then current
total City fiscal year budget.
Passed at a regular meeting of the City Council of the
City of Kent, Washington this Js.! day of ~Anl•--e.A..., 1992.
;dJ
~c~rred in by the Mayor f the city of Kent, this ~
day of ~~1~, 1992.
ATTEST:
~~ BRENDA JACOBER, CITY CLERK
APPROVED AS TO FORM:
I hereby certify that this is a true and correct copy of
Resolution No. /3r:X3 , passed by the City Council of the City of
Kent, Washington, the (fo day of~ , 1992.
conting.res
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