HomeMy WebLinkAboutord1993-021HWATCOM COUNTY COUNCIL AGENDA BILL
NO. ARA'i -1 27
INULVEW,
An ordinance amending ordinance 88 -63 authorizing investment of excess cash in certain funds to benefit
the same.
ATTACHMENTS:
Ordinance
Public Hearing Needed? Yes / _/No/ x /
SUMMARY STATEMENT,•
The Lake Management District Advisory Committee has requested that the Lake Management District
No. 1 Fund, created by ordinance 92 -053, be credited with interest earned on monies collected as a result
of the LMD rates and charges roll. Ordinance 88 -63 clarifies which funds can have excess cash invested
for their own benefit and which funds' excess cash will be invested for the benefit of the Current Expense
Fund. This ordinance amends ordinance 88 -63 to include the Lake Management District No. 1 Fund.
Certain fund numbers listed in ordinance 88 -63 have been changed, this ordinance inserts new fund
numbers where appropriate.
ORIGINATOR'S RECOMMENDED ACTION.•
Pass
COMMITTEE ACTION (including dates):
COUNCIL ACTION (including dates):
4/13/93: Introduction
4/27/93: Council adopted the ordinance. 7 -0
Related File Numbers: Ordinance or Resolution Number: 093 -021
CLEARANCES
Initial
Date
Date Received in Council Office:
Agenda Date
Assigned To:
Originator- Executive
P a E C E V E D
9�49py� 4�
`: rq 1/IV
4/13/93
Introduction
Division Head-
4/27/93
Finance /Council
Department Head -
Prosecutor Review-
UVIHA 1 UG M COUNTY
Purchasing/Budget Dir.
COUNCIL
Executive-.
INULVEW,
An ordinance amending ordinance 88 -63 authorizing investment of excess cash in certain funds to benefit
the same.
ATTACHMENTS:
Ordinance
Public Hearing Needed? Yes / _/No/ x /
SUMMARY STATEMENT,•
The Lake Management District Advisory Committee has requested that the Lake Management District
No. 1 Fund, created by ordinance 92 -053, be credited with interest earned on monies collected as a result
of the LMD rates and charges roll. Ordinance 88 -63 clarifies which funds can have excess cash invested
for their own benefit and which funds' excess cash will be invested for the benefit of the Current Expense
Fund. This ordinance amends ordinance 88 -63 to include the Lake Management District No. 1 Fund.
Certain fund numbers listed in ordinance 88 -63 have been changed, this ordinance inserts new fund
numbers where appropriate.
ORIGINATOR'S RECOMMENDED ACTION.•
Pass
COMMITTEE ACTION (including dates):
COUNCIL ACTION (including dates):
4/13/93: Introduction
4/27/93: Council adopted the ordinance. 7 -0
Related File Numbers: Ordinance or Resolution Number: 093 -021
SPONSORED BY: Consent
PROPOSED BY: Executive
INTRODUCTION DATE: 4113/93
1 ORDINANCE NO. 93-021
2 AN ORDINANCE AMENDING ORDINANCE 88 -63 AUTHORIZING
3 EXCESS CASH IN CERTAIN FUNDS TO BENEFIT THE SAME
4
5 WHEREAS, it has been determined that only certain County funds may have
6 their excess cash invested to benefit the respective fund; and,
7
8 WHEREAS, interest earnings on excess cash represent the third largest source of
9 revenue for the Current Expense Fund; and,
10
11 WHEREAS, it is necessary to clarify which funds can have excess cash invested
12 for their own benefit and which funds' excess cash will be invested for the benefit of the
13 Current Expense Fund; and,
14
15 WHEREAS, the Lake Management District Advisory Committee requests that
16 the Lake Management District No. 1 Fund, created by ordinance 92 -053, should be
17 credited with interest monies collected from the rates and charges roll.
18
!9 NOW, THEREFORE, BE IT ORDAINED by the Whatcom County Council that
20 ordinance 88 -63 is amended as follows:
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
The County Treasurer is hereby authorized to invest excess cash from the following
funds for their own benefit:
Fund # Fund Description
Manager
11290
N.W. WA Fair Fund
Fair Board
13600
Tort Claims Self Insurance Fund
Pros Atty
14490
Self Insurance /Fringe Benefits Fund
Personnel Director
180
Lake Management District No. 1 Fund
P.W. Director
70150202
RID Guafantee Debt Service Fund
Treasurer
32590
Sewer Construction Fund
P.W. Director
40190
40110
Solid Waste Management Fund
Solid Waste Resefve Ai .a
P.W. Director
v W. Diieetsr
Page 1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
25
26
27
28
29
BE IT FURTHER ORDAINED, any newly created funds that are classified
construction (300 series), enterprise (400 series) or bond funds when required by bond
indenture, may have their excess cash invested by the County Treasurer to accrue
interest earnings for their own benefit. The Treasurer will be considered the manager of
all bond funds. Currently established bond funds, when required by bond indenture,
shall have their excess cash invested for their own benefit. In each case, the Treasurer
will work with the respective fund manager to determine the proper levels of investment
throughout the fiscal year resulting from the development of a cash flow budget plan.
Reasttr-er- etad Gou" Auditor- sha4l give final approval for- aH kwestment deeisieffi.
ADOPTED this 27th day of April , 1993.
ATTEST:
Council Clerk
APPROVED AS TO FORM:
Civil Deputy Pro cutor
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
A j A 4 - ke, A� & Ur
Margaret N. Laidlaw, Council Chair
(y� Approved ( ) Denied
JWA t..
Gam.
G
Shirley Van Z nten, Eiee6tive
Date: & as - '?
Page 2