2013â2014 BIENNIAL BUDGET - the City of Tukwila

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2013-2014 Biennial Budget City of Tukwila, WashingtonCapital Project FundsThese funds are used to account for financial resources to be used for the acquisition of capital facilitiesincluding those financed by special assessment, major improvements and construction. Revenues forcapital funds consist of contributions from operating funds and bond proceeds. These revenues areusually dedicated to capital purposes and are not available to support operating costs. Capital projectsare adopted on a multi-year basis. Currently the City has four active capital project funds: LandAcquisition, Recreation & Park Development, Facility Replacement Fund, General GovernmentImprovements, and Fire Improvements Fund.Proprietary Fund TypesEnterprise Funds – Enterprise Funds are used to account for operations that are financed and operatedin a manner similar to business enterprises. They are established as fully self-supporting operations withrevenues provided primarily from fees, charges, or contracts for services. The City maintains sixEnterprise Funds to account for the operations of Water, Sewer, Surface Water, Revenue Bonds, BondReserves and Golf Course.Internal Service Funds – Internal Service Funds are used to account for operations similar to thoseaccounted for in Enterprise Funds, but these funds provide goods or services to other departments on acost reimbursement basis. The City maintains three Internal Service funds to account for fleetmanagement and self-insurance activities.Fiduciary Funds – Fiduciary, or Trust Funds, are used to account for assets held by the City in a trusteecapacity and cannot be used to support the City’s own programs. These include pension trust,investment trust, private-purpose trust, and agency funds. The City’s pension trust fund is theFiremen’s Pension Fund and is budgeted on the accrual basis of accounting where revenues arerecognized when earned and expenses are recorded when incurred.Page 37
2013-2014 Biennial Budget City of Tukwila, WashingtonFINANCIAL POLICIESThe City’s Financial Policies are intended to serve as a Council-approved set of values and expectationsfor Council Members, City staff, citizens and other interested parties who may do business with the City.The use of the term “City” refers to all City officials and staff who are responsible for the activities tocarry out these policies. The policies describe expectations for financial planning, budgeting, accounting,reporting and other management practices. They have been prepared to assure prudent financialmanagement and responsible stewardship of the City’s financial and physical resources.Debt PoliciesThe Debt Policies can be segregated into three areas: Legal Debt limits, Practical or Fiscal limits andGeneral Debt policies.A. Legal Debt Limit – The Revised Code of Washington (RCW 39.36) establishes the legaldebt limits for cities. Specifically, this RCW provides that debt cannot be incurred inexcess of the following percentages of the value of the taxable property of the City: 1.5%without a vote of the people; 2.5% with a vote of the people; 5.0% with a vote of thepeople, provided the indebtedness in excess of 2.5% is for utilities; and 7.5% with a voteof the people, provided the indebtedness in excess of 5.0% is for parks or open spacedevelopment.Policy DP-1 - Prior to issuing any long-term bonds, the Administration must provide animpact analysis over the life of the new bonds. Bond issues must be approved by the CityCouncil.B. Practical or Fiscal Limitations – More important than the legal limitations is the practicalor fiscal limitations, i.e. ability to repay borrowed funds.Policy DP-2 – Long-term debt cannot be issued prior to reviewing the impact on the SixYear Planning Model and its policy guidelines. The impact of other potential bond issuesshall be considered.Policy DP-3 – Fiscal Policy for large developments is in process of development.C. General Debt PoliciesPolicy DP-4 – The City will be cognizant of the criteria used by rating agencies tomaintain the highest possible bond rating.Policy DP-5 – Assessment Debt (LID) shall be considered as an alternative to GeneralDebt.Policy DP-6 – Debt issuance will conform to IRS regulations and avoid arbitrageconsequences._____________________________________________________________________________________________Page 38
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2013â2014 BIENNIAL BUDGET - the City of Tukwila

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2013â2014 BIENNIAL BUDGET - the City of Tukwila