HomeMy WebLinkAboutord1999-054WIIATCOM COUNTY COUNCIL AGENDA BILL NO. 99 -361
CLEARANCES
Initial
Date
Date Received in Council Office
Agenda Date
Assigned to: -
— ginator. Treasurer
9110/99
E C E O V
S EP 14 1999
WHATCOM COt U 1N TY
1l�I I1 COUNCIL
9121199
Council introduction
Division Head
10/12/99
Finance / Council
Dept Head:
Qua
Prosecutor
PurchasingBudget:
Executive:
I �5
SUBJECT: Establishment of the Wha com County Investment Pool Fund.
ATTACHMENTS. Proposed Ordinance
Related County Contract #:
Should Clerk schedule a hearing: NO / X / YES /_/ Requested Date:
JMMARYSTATEMENT.
1 his ordinance establishes a new fund, the Whatcom County
Investment Pool (WCIP) Fund dedicated to the operation of the
WCIP. Currently the WCIP is operated out of Current Expense.
With the advent of Statement No. 31 of the Government Accounting
Standards Board (GASB) which requires that government entities
report their unrealized gains/losses on their income statement
instead of as a footnote to the financial statements, the Whatcom
County Treasurer requests that a new fund be established to
properly recognize and account for any adjustments needed to be
made per this statement. In addition, establishing a separate fund
provides greater accountability to all pool participants.
Ordinance & Resolution
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RECOMMENDED ACTION: Treasurer recommends that the
Council adopt the ordinance. Administrative Services also supports
this action.
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COUNCIL ACTION TAKEN. •
1! 1999 - 361 9/21/99: Introduced
10/12/99: Adopted 7 -0, Ord. #99 -054
Relat
Prosecutor .
Karen Frakes
Public Works
Sheriff
Superior Court
Treasurer
Karen Thomas
Other
Ordinance or Resolution Number
(this item):
J:IAGENDA BILLdoc -
O *�. r
SPONSORED BY:
PROPOSED BY:
INTRODUCTION DATE:
ORDINANCE NO. 99 -054
Treasurer
Treasurer
9/21/99
ESTABLISHMENT OF THE WHATCOM COUNTY INVESTMENT POOL FUND
WHEREAS, the Whatcom County Investment Pool currently operates out of the
2 Current Expense Fund;
3 WHEREAS, GASB 31 now requires that all governmental agencies report Fair Value on the
4 balance sheet and any changes to Fair Value (unrealized gains and losses) be reported as revenue on
5 . the operating statement;
6 WHEREAS, the Whatcom County Treasurer requests that the operation of the
7 Whatcom County Investment Pool be moved from Current Expense Fund to a new fund in order to
8 comply with GASB 31; -
9 WHEREAS, it is in the best interest of the County and the participants of the Whatcom
10 County Investment Pool;
11 NOW, THEREFORE, BE IT ORDAINED by the Whatcom County Council that a new fund
12 is hereby established entitled the Whatcom County Investment Pool Fund. This new fund shall be
13 dedicated to the operation of the Whatcom County Investment Pool and the Whatcom County
14 . Treasurer shall have responsibility for all aspects of the fund.
15 APPROVED this 12 day of October , 1999.
16 ST: WHATCOM COUNTY COUNCIL
17 WHATCOM COUNTY, WASHINGTON
18
19 Dana Brown- Davis, Council Clerk Marlene Dawson, Chair
20 APPR4 ED AS TO FORM:
21
22 div711 Deputy Prosecuting Attorney
WApproved () Denied
ete Kremen, Executive
Date: