HomeMy WebLinkAboutResolution No. 421Resolution No. 421 Page 1 of 2
CITY OF MEDINA, WASHINGTON
RESOLUTION NO. 421
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MEDINA, WASHINGTON, ADOPTING AN AMENDMENT TO
FINANCIAL POLICIES TO ADD A NEW FUND (DEVELOPMENT
SERVICES FUND).
WHEREAS, the City provides Development Services to the community as a department
within the General Fund, charging fees directly to individual property owners who wish to
develop their private property. These revenue sources exist to offset the expense the City
incurs on the individual property owners’ behalf; and
WHEREAS, the City desires greater transparency of Development Services’ financial
activities as well as a more focused and streamlined accounting structure to evaluate its cost
recovery rate; and
WHEREAS, the Government Accounting and Standards Board (GASB) has pronounced
that if any service or program’s principal revenue source has a pricing policy that fees and
charges be set to recover cost meets the criteria to be reported as a separate “Enterprise Fund”;
and
WHEREAS, the City desires to extract the Development Services Department’s related
revenues, expenses (direct and allocated) and customer deposits from the General Fund and
place them in a newly created Development Services Fund, starting with Budget Year 2022; and
WHEREAS, this actions requires an amendment to the City’s Financial Management
Policies;
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF MEDINA, WASHINGTON,
RESOLVES AS FOLLOWS:
Section 1. Adopt Financial Management Policies as Amended, attached hereto as
Exhibit A.
Section 2. Effective Date. This Resolution shall be effective upon its adoption by
the City Council.
Resolution No. 421 Page 2 of 2
PASSED BY THE CITY COUNCIL OF THE CITY OF MEDINA ON NOVEMBER 8,
2021 AND SIGNED IN AUTHENTICATION OF ITS PASSAGE ON NOVEMBER 8, 2021.
FILED WITH THE CITY CLERK: 11/9/2021
PASSED BY THE CITY COUNCIL: 11/8/2021
RESOLUTION NO. 421