HomeMy WebLinkAbout1327RESOLUTION NO. /3 ,;27
A RESOLUTION of the City of Kent,
Washington, relating to the City' s General
Fund Contingency Account. (repeols Re.s. •3a...3)
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 General Fund Contingency Account
funds in order to balance the budget with minimum impact on the
level of services provided by the City; and
WHEREAS, the City Council has determined it advisable to
increase the level of funds in the General Fund Contingency Account
and, therefore, passed Resolution 1323 establishing a policy to
increase the same; and
WHEREAS, the resolution is unclear as to the manner of
calculation and whether it applies beyond the General Fund; NOW,
THEREFORE,
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON DOES
HEREBY RESOLVE AS FOLLOWS:
Section 1. Resolution 1323 passed by the Kent City
Council September 1, 1992 is hereby repealed.
Section 2. There is hereby established, as a policy of
the City Council, that beginning with the fiscal year 1993 budget,
the General Fund Contingency Account shall be increased each year
by one percent (1%) of the City's total General Fund expenditures
for that year until the General Fund Contingency Account has
reached a level of ten percent (10%) of the General Fund budgeted
expenditures.
Passed at a regular meeting of the City Council of the
city of Kent, Washington this /~ day of ~ , 1992.
!' C_QJ)Cllrred in by the Mayo of the City of Kent, this (b
day of &.fJ..eav)~A..---t 1992. \\ .
~ ~~L0.._ L-----
DAN KELLEHER, MAYOR
ATTEST:
APPROVED AS TO FORM:
I hereby certify that this is a true and correct copy of
Resolution No. !~:Jd),7 , passed by the City Council of the City of
Kent, Washington, the /;-day of ~ , 1992.
conting.res
2
UJ-h~(SEAL)
CITY CLERK