HomeMy WebLinkAboutFinancial Handouts Policy on Stabilization Funds: Sufficient fund balances and reserve levels are important
in the long-term financial stability of the City.
a. The City shall maintain reserves required by law, ordinance and/or bond covenants. In
addition, the City of Renton has its own minimum requirements on reserve levels that are
detailed below.
i. General Government
(a) The City shall maintain reserves in the General Government Funds at least 8% of
total budgeted operating expenditures with a target of 12%.
(b) In addition, the City shall maintain an additional reserve as a part of the City's Risk
Management Funds in a minimum amount of at least 8% of General Fund operating
expenditures.
(c) In addition, the City shall maintain an "Anti-Recessionary Reserve" in an amount of
at least 4%of General Government budgeted operating expenditures. Expenditures
utilizing the"Anti Recessionary Reserve"require a two-thirds majority vote of the City
Council and will be replenished within three (3)years.
(d) In addition, the City shall accumulate reserves of $5,400,000 for the Annexation
Sales Tax Credit Expiration/Transition using year-end savings, until fully funded.
Expenditures utilizing the "Annexation Sales Tax Credit Expiration/Transition
Reserve" require a two-thirds majority vote of the City Council.
(e) In addition, the City shall reserve $2,500,000 for the Economic Development
Revolving Fund using year-end savings until funded. Expenditures utilizing the
"Economic Development Revolving Fund Reserve" require a two-thirds majority vote
of the City Council.
ii. Debt Service
(a) The City shall maintain one year payments in voted general obligation debt service
funds and revenue bonds.
(b) In addition, a one year payment reserve will be established for all councilmanic
general obligation bonds issued after 2013.
iii. Enterprise Funds
(a) Water, Wastewater, and Surface Water Utility Fund shall each maintain reserves
of 12% of total budgeted operating expenses or 30 to 45 days.
(b) King County Wastewater Treatment Fund shall maintain reserves of $380,000
(approximately 3% of total operating expenses).
(c) Solid Waste Fund shall maintain reserves of$400,000.
(d) Golf Fund shall maintain reserves of 25% of total budgeted operating expenses.
(e) All other Enterprise Funds shall maintain reserves of 10% -20% of total budgeted
operating expenses.
iv. Reserve balances of other funds shall be set through the budget process in an amount
consistent with the purpose and nature of the fund.
b. Replacement reserves shall be established for equipment, and computer software should
the need continue beyond the estimated initial useful life, regardless of whether the
equipment is acquired via lease, gift or purchase. Service charges paid by City departments
to the appropriate Internal Service funds should include an amount to provide for
replacements.
i. The City shall establish a Public Safety Small Equipment Reserve as a sub-fund to the
Equipment Rental Fund. Beginning 2015, the City shall contribute $200,000 a year to
accumulate reserves specifically for Public Safety small equipment items.
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