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AN ORDINANCE creating tier one funds for a rainy day reserve fund and a children and families services fund; amending Ordinance 12076, Section 9, as amended, and K.C.C. 4.08.015 and adding new sections to K.C.C. chapter 4.08.
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PREAMBLE:
WHEREAS, the Metropolitan King County council has a long history of responsible stewardship of the public's money, and;
WHEREAS, the council passed Motion 5888 in December of 1983 which created a number of financial policies including requirement for maintenance of minimum levels of fund balance in the county's current expense fund, and;
WHEREAS, the council passed Motion 7020 in November of 1987 which dedicated a portion of additional sales tax revenues to the creation of a sales tax reserve fund to be used for financial emergencies, and;
WHEREAS, the council passed Motion 8352 in July of 1991 that reaffirmed its intent that the sales tax reserve fund be used for financial emergencies, and;
WHEREAS, during the budget process to adopt the 1992 budget, the executive's proposed financial plan proposed spending the sales tax reserve funds, and;
WHEREAS, in response, the council passed Motion 8446 in October of 1991 once again affirming its intent that the sales tax reserves only be used in financial emergencies, and;
WHEREAS, these sound financial policies have led the major credit rating agencies to award the county's limited tax general obligation debt with the highest ratings, and;
WHEREAS, the county's general fund includes a number of sub-funds, including the current expense, inmate welfare, children and family set-aside, and sales tax reserve, and;
WHEREAS, these sub-funds do not increase the transparency of county finances and serve only as accounting devices, and;
WHEREAS, the council strongly supports transparent and open government, and;
WHEREAS, the third quarter 2007 management and budget report indicated that the actual amount in the sales tax reserve on December 31, 2006 was $15,7...
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