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RES2559 CITY OF RENTON, WASHINGTON RESOLUTION NO. 2552_ A RESOLUTION OF THE CITY OF RENTON, WASHINGTON, ESTABLISHING POLICY FOR BUDGETING OF GRANT REVENUES. WHEREAS, the City's past budgeting practices have included estimated grant revenues in annual budgets, whether or not actual grant contracts acts were in i i hand or the projects were approved, and, WHEREAS, when projects so budgeted are delayed, the budget is un- necessarily inflated since the same projects may be budgeted year after year and i no expenditures are actually incurred, and, WHEREAS, such budgets may not reflect the actual spending plans of the City, NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO RESOLVE AS FOLLOWS: SECTION 1: Capital construction projects will not be included in the annual City budget unless there are reasonable assurances that such projects will be completed in the budget year. SECTION II: Estimates of grant revenues will not be included in the annual budget unless signed grant contracts are in hand when the budget is written. SECTION III:. A Capital Contingency Fund will be established to maintain undesignated capital funds which would be available to match grant revenues or to construct undesignated projects. SECTION 1V: When a grant is received and a project is authorized for construction, the grant revenues, if any, will be appropriated; the City match money will be transferred from the Capital Contingency Fund to the construction account; and the project will then be authorized. CITY OF RENTON, WASHINGTON RESOLUTION NO. 2559 - continued SECTION V: The Council will review this revised procedure for budgeting capital projects in one year to determine if it is an improvement over the existing methods. At that time, the new methods could be continued, modified, or the City could revert to its current method of including all estimated grant revenues in the annual budget. PASSED BY THE CITY COUNCIL this 6th day of August, 1984. Maxine E. Motor, City Clerk APPROVED BY THE MAYOR this 6th day of August, 1984. Barbara Y. S inpoch, Mayor Approved as to form: «n Lawrence War n, City Attorney