2013â2014 BIENNIAL BUDGET - the City of Tukwila

12.07.2015 Views
2013-2014 Biennial Budget City of Tukwila, WashingtonCapital BudgetThe capital budget authorizes and provides the basis of control of expenditures for the acquisition ofsignificant city assets and construction of capital facilities.Separation of the budget into these two components separates key policy issues in order to facilitate theirconsideration. The policy officials can examine the level at which existing programs should be funded,what program improvements should be made and at what level of funding.Capital PlanningThe Capital Improvement Program (CIP) was originally adopted as an element of the CityComprehensive Plan that provides the City’s plans to finance capital facilities that will be needed duringthe next 20 years. The CIP includes both long-range strategy and a specific six-year plan of projects. TheCIP is maintained and reports are published separately from the budget. The Capital Budget, in thisbudget document, includes a summary of the projects and their appropriations for the upcomingbiennium. For more detailed information see the Financial Planning Model and Capital ImprovementProgram.Implementation, Monitoring and AmendmentThe financial aspects of the budget are monitored in periodic reports issued by the Finance Departmentcomparing actual expenditures and revenues with the budget. In these reports, financial data can bepresented at a higher level of detail than the final budget. These reports include an analysis of the City’sfinancial condition.From time to time it becomes necessary to modify the adopted budget. The procedure for amending thebudget depends upon the type of change that is needed. One type of change does not affect the “bottomline” total for a department or a fund. These changes, mainly transfers from one line-item to anotherwithin a department’s operating budget or changes between divisions within a department is presentedby administration to City Council for their consideration and approval.The second type of budget amendment brings about a change in the total appropriation for a departmentor fund. Examples of these changes include but are not limited to the following: the acceptance ofadditional grant money, an adjustment to reflect increased revenues such as tax receipts, theappropriation of additional funding if expenditures are projected to exceed budgeted amounts, and reappropriationof monies from one fund to another when deemed necessary. These changes requirecouncil approval in the form of an ordinance. The status of the budget is comprehensively analyzedduring the mid-biennial review and periodically through each year to identify any needed adjustments.All requests for amendments are first filed with the Finance Department.Basis of BudgetingAll governmental fund type budgets are prepared on the modified accrual basis of accounting inconformity with generally accepted accounting principles (GAAP). The budget for proprietary funds isprepared on an accrual basis, also in accordance with GAAP. The legal level of budgetary control whereexpenditures cannot exceed appropriations is at the individual fund level. Revisions that alter the totalexpenditures of any fund must be approved by the City Council and adopted by ordinance.Chapter 35.33 of the Revised Code of Washington (RCW) mandates the City’s budget procedures. Thebudget, as adopted biennially by the City Council, constitutes the legal authority for expenditures. TheCity’s budget is adopted at the fund level and expenditures may not legally exceed appropriations atthat level of detail.Page 35

2013-2014 Biennial Budget City of Tukwila, WashingtonFUND DEFINITIONSThe following are the fund types budgeted by the City and other fund grouping definitions:Governmental Fund TypesGeneral FundThe General Fund supports the general operations of the City government. These includeadministration, the legislative function, legal services, public safety, planning and communitydevelopment, enforcement of local codes, parks, recreation, and cultural activities. Taxes are theprincipal source of revenue for the General Fund: property tax, sales tax, utility tax, and gambling tax.Other important sources are shared revenue from other governments, licenses and permits, charges forservice, and fines and forfeitures. The General Fund accounts for all City resources except those forwhich a specific fund has been created.Special Revenue FundsSpecial Revenue funds are used to account for revenues which are legally or administratively restrictedfor special purposes. These funds receive revenue from a variety of sources, including Federal and Stategrants, taxes, and service fees. These revenues are dedicated to carrying out the purposes of theindividual special revenue fund. There are six Special Revenue funds: Hotel/Motel Tax, Street, ArterialStreet, Contingency, Fire Equipment Cumulative Reserve, and Drug Seizure.Debt Service FundsThese funds account for resources necessary to pay principal and interest on general long-term debt.Debt limits are based on percentages of assessed valuation, with voted debt requiring a 60% majority ofthe city electorate. Information on the City’s legal debt margin is presented in the schedule below.Legal Debt Margin InformationAssessed Value as of December 31, 2011 $ 4,752,606,030Debt Limit (7.5% of assessed value) 356,445,452Debt applicable to limit:General obligation bonds 28,006,800Other long-term debt 3,005,01631,011,816Less: Amount set aside for repayment ofgeneral obligation debt and contracts payable (3,330,313)Total net debt applicable to limit 27,681,503Legal Debt Margin $ 328,763,949Tukwila has a Limited General Obligation bond rating of AA- with Fitch and A1 with Moody._____________________________________________________________________________________________Page 36

Page 1: City of Tukwila, Washington2013-201

Page 4 and 5: 2013-2014 Biennial Budget City of T
















































































































































































Page 358 and 359: City of TukwilaCapital Improvement

Page 360 and 361: City of TukwilaCapital Improvement












2013â2014 BIENNIAL BUDGET - the City of Tukwila

2013â2014 BIENNIAL BUDGET - the City of Tukwila ... View more 2013â2014 BIENNIAL BUDGET - the City of Tukwila

Delete template?

Save as template ?

2013â2014 BIENNIAL BUDGET - the City of Tukwila

2013â2014 BIENNIAL BUDGET - the City of Tukwila 2013â2014 BIENNIAL BUDGET - the City of Tukwila