HomeMy WebLinkAboutord2002-073WHATCOM COUNTY COUNCIL AGENDA BILL NO. 2002 -393
CLEARANCES
Intent
Date
Date Receivedin Council O tce
A enda Date
Assi nedto:
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Introduction
Division Head.
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Finance/ Council
Dep[ Head:
Prosecutor
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PurchasingBudgec
R rI.Y
Executive.
SUBJECT:
An Ordinance Amending Ordinance 99 -053 Authorizing Excess Cash in Certain Funds to Benefit the Same
ATTACHMENTS:
Proposed Ordinance
Related County Contract #:
Should Clerk schedule a hearing: NO/ / YES /_/ Requested Date:
SUMMARYSTATEMENT.•
This ordinance deletes six unds om the list o 66��nds authorized to
f 1j"
invest their excess cash for their own benefit. This will result in all
investment earnings that are not legally mandated to benefit other
funds, be directed to the General Fund.
Ordinance & Resolution
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ADS Facilities Management
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Brad Bennett
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Dewey Desier,
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COUNCIL ACTION TAKEN:
2002-393 11 /12/2002: Introduced
11/26/2002: Adopted 7 -0, Ord, #2002-073
Rela.
Prosecutor
Public Works
Sheri
Superior Court
Treasurer
Barbara Cory
Other
Ordinance or Resolutn
(this item):
Number
nucE,vDADruao<
SPONSORED BY: Consent
PROPOSED BY: Executive
INTRODUCTION DATE:. 11/12/92
ORDINANCE NO. 2002 -073
AN ORDINANCE AMENDING ORDINANCE 99 -053
AUTHORIZING EXCESS CASH IN CERTAIN FUNDS TO BENEFIT THE SAME
WHEREAS, it has been determined that only certain County funds may have their excess
cash invested '° the benefit Of Fespeetive fund with the respective fund receiving the interest
earnings on those investments; and,
WHEREAS, interest earnings on excess cash represent the third largest source of revenue for
the Great &Epense General Fund; and,
WHEREAS, it is a requirement of the federal government that when receiving drug seizure
money that it be invested to its own fund's benefit; and,
WHEREAS, it is neeessaf�- te elaFib, which funds can ha�,e exeess eash invested f�F theif
WHEREAS, due to declining General Fund revenues, it is necessary to limit the funds that
benefit from investment of their excess cash, to only those funds that are legally entitled to this
benefit.
NOW, THEREFORE, BE IT ORDAINED by the Whatcom County Council that
Ordinance 99 -053 is amended as follows:
The County Treasurer is hereby authorized to invest excess cash from the following fund for its
own benefit:
Fund # Fund Description Manager
165 Whatcom County Drug Fund Prosecuting Attorney
169 Ased Distfiet Fund P.W. - oirEBtBr
190 ;rr�!:s3;4o;.s.... :eat BtsHisE Ne. l Fead P.W. Bxester
P();! R4D Debt Service Fund T-Feass�eF
s-
,fin Read Inapfavemena Distriets Fuind Treasurer
325 Sewer Fund P IA7 D:,nster
491 Sehd Waste Afanag.ment Fuad °:PI. ^— n,�.--•--
Page 1
ADOPTEDthiS 26 dayof November
ATTEST:
Dana l3nnvn-Davis, Council Clerk
APPROVED AS TO FORM:
Civil Deputy PrN��tw-
2002.
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
L. Waid Nels6n, Chair
(WApproved Denied
zl'�
Page 2
Pete Krenten, Executive
Date: