Title
AN ORDINANCE dissolving the endowment within the youth sports facilities grant fund; and amending Ordinance 15044, Section 1.
Body
STATEMENT OF FACTS:
1. The youth sports facilities grant program, also known as the youth and amateur sports program ("the program"), has, since 1993, funded areas such as ball fields, sports courts, climbing walls, playgrounds, rowing facilities, skate parks, mountain biking courses, gymnasiums, swimming pools and weight rooms.
2. The county has used a variety of funding sources to support the program.
3. In a budget proviso in the 1998 Annual Budget Ordinance, Ordinance 12926, Section 92, the council requested the executive analyze the possibility of creating a twenty-year annuity to support the program, to be funded by the proceeds from sales of surplus Kingdome property. With the completion of the new football stadium by the public facilities district that replaced the Kingdome in the early 2000s, the county had over $600,000 left in the county's stadium fund.
4. In a budget proviso in the 2002 Annual Budget Ordinance, Ordinance 14265, Section 13, the council transferred the residual stadium fund money to the program's fund to establish an endowment, whereby only the interest earned on this money could be spent on the program. The budget proviso also directed that as surplus Kingdome properties, including the Johnson Building, were sold, those proceeds be added to the endowment.
5. Thus, the executive did not create a twenty-year annuity, as suggested by the council in the budget proviso to the 1998 annual budget ordinance, instead the new youth sports facilities grant endowment subfund (Fund 1291) was created in the youth and amateur sports fund to serve the same purpose.
6. Over the course over the next several years, the council reaffirmed its intent that the proceeds from the sale of the Johnson Building be added to the corpus of the endowment, in Ordinance 14797, Motion 12374 and Ordinance 15652.
7. In Section...
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