2024-05-14 Council FIN Committee Packet1
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OF BbMG
ti Agenda
Edmonds City Council
1,00
FINANCE COMMITTEE
CITY COUNCIL CONFERENCE ROOM
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MAY 14, 2024, 5:30 PM
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COMMITTEE MEMBERS: WILL CHEN (CHAIR), JENNA NAND, COUNCIL PRESIDENT (EX-OFFICIO
MEMBER)
CALL TO ORDER
COMMITTEE BUSINESS
1. Financial Policies (30 min)
2. Utility Bond Issue (15 min)
3. March 2024 Quarterly Financial Report (10 min)
4. April 2024 Monthly Financial Report (10 min)
5. Council Rules of Procedure Section 1 & 2 Authority and Council Organization (10 min)
ADJOURNMENT: 7:30 PM
Edmonds City Council Agenda
May 14, 2024
Page 1
2.1
City Council Agenda Item
Meeting Date: 05/14/2024
Financial Policies
Staff Lead: Mike Bailey
Department: Administrative Services
Preparer: Kimberly Dunscombe
Background/History
The Government Finance Officers Association (GFOA) emphasizes the significance of formal, written
financial policies for effective financial management. These policies serve several critical purposes:
Institutionalize good financial management practices: Formal policies create a lasting
framework for sound financial management, promoting stability and continuity beyond
individual administrations.
Clarify strategic intent: Financial policies articulate the organization's approach to financial
management, ensuring a shared understanding of how resources will be managed to benefit the
community.
Promote long-term thinking: By outlining strategic intent, financial policies encourage a
forward -looking perspective in organizational decision -making.
Manage financial risks: Policies identify and address risks to the organization's financial health,
ensuring accountability in risk management.
To ensure sound fiscal management, our city should adopt financial policies that explicitly define what
constitutes a structurally balanced budget within our budget process. Following the recommendation of
the Government Finance Officers Association (GFOA), this policy should establish clear parameters
aimed at achieving and sustaining a structurally balanced budget, wherein recurring revenues are more
than or match recurring expenditures. By implementing such a policy, we commit to maintaining fiscal
sustainability, promoting transparency, and safeguarding the long-term financial health of our city.
Staff Recommendation
The staff strongly recommends that the Finance Committee approves the proposed financial policies and
forwards it to the next council meeting's consent agenda. This policy reflects best practices endorsed by
reputable organizations like the Government Finance Officers Association (GFOA).
Narrative
The Budget Policy has three main components: operating budget policy, revenue policy and expenditure
policy.
The operating budget serves as the cornerstone of the City of Edmonds' financial strategy, embodying a
comprehensive two-year plan that aligns with the city's priorities to deliver essential services.
The revenue policy prioritizes financial stability by adopting a proactive revenue management strategy.
Acknowledging the volatility of individual revenue sources, the city emphasizes diversification in its
revenue policy.
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The expenditure policy ensures strict adherence to all relevant regulations governing expenditure
transactions while also prioritizing forward -looking forecasting methodologies. By evaluating projected
expenditures, we aim to gauge our city's capacity to fulfill performance metrics and effectively address
the evolving needs of our community, fostering transparency and fiscal responsibility.
Attachments:
Draft Financial Policies for City of Edmonds Council Consideration
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2.1.a
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City of Edmonds Washington - Financial Policy Framework
Contents
FinancialReporting Policy............................................................................................................2
Annual Financial Reports..........................................................................................................2
Interim Financial Reports 2
Mid -year Financial Review.........................................................................................................3
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Fund Balance Reserve Policy........................................................................................................3
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Introduction
3
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Goals of the Fund Balance Reserve Policy
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Fund Balance Reserve Policy....................................................................................................4
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Objectives...............................................................................................................................4
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Factors that Influence the Appropriate Size of Reserves
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Reserve Levels for City Major Operating Funds...........................................................................5
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Utilization of Fund Balances and Reserves
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Fund Balance and Reserve Replenishment................................................................................6
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Interfund Loan Policy ...................................................................................................................
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Long Term Interfund Loans........................................................................................................6
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Short -Term Debt Policies...........................................................................................................7
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BudgetPolicy...............................................................................................................................7
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Purpose...................................................................................................................................7
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References...............................................................................................................................7
OperatingBudget Policy............................................................................................................7
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Long Range Financial Strategy...................................................................................................9
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RevenuePolicy9 .........................................................................................................................
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ExpenditurePolicy..................................................................................................................10
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Glossary....................................................................................................................................10
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City of Edmonds — Financial Policy Framework
2.1.a
Financial Reporting Policy
Annual Financial Reports
The City shall use the Washington State Auditor's Office (SAO) guidance to publish an Annual
Comprehensive Financial Report (ACFR) consistent with Generally Accepted Accounting Principles
and the SAO's current Budgeting, Accounting and Reporting Systems (BARS) manual.
Such report shall be prepared and submitted to the SAO within the timelines prescribed by the
BARS manual (currently May 30 of each year). The City shall schedule an audit of the report on a
timely basis (no later than mid -year, depending on the SAO's availability to complete the audit).
The report shall be published on the City's web page once submitted to the SAO and marked
"unaudited" until such time as the annual audit is complete. Once the audit is complete an "exit
conference" shall be conducted with City leadership and City Council shall be invited to attend the
exit conference with SAO personnel. Once the exit conference occurs, the final, audited ACFR
shall be posted on the City's website and marked "audited".
Interim Financial Reports
Interim financial reports of all funds of the City shall be presented to the Council Finance
Committee (Committee) each month on a timely basis (preferably in the month following the
month subject to the report). Such reports shall:
1. Identify any issues or items of note on the cover page
2. Provide the beginning fund balance, revenues, expenditures and ending fund balance on a
modified accrual basis for all funds of the City.
a. For purposes of the proprietary funds, fund balance shall be the working capital
(current assets minus current liabilities).
b. For purposes of the governmental funds, fund balance shall begin with the
published ending fund balance from the prior fiscalyear (including accruals but not
reversal entries (aka: period zero) so as to approximate modified accrual).
3. Provide the unreserved and reserved cash balances for all City funds.
4. Indicate any interfund borrowing necessary to maintain positive cash balances in a manner
consistent with the City's interfund loan policy.
5. Year-to-date status of all major fund revenue and expenditures of the City (major funds are
those where expenditures represent at least 10 percent of the City's total expenditures).
a. Such information shall be presented in both numeric and graphic form and illustrate
a comparison with monthly forecast expectations.
b. All departments of the City's General Fund and Enterprise Funds shall be presented
in like manner.
6. A cash -flow report for the General Fund illustrating anticipated receipts and disbursements
for each future month and the actual receipts and disbursements for past months.
7. Project reports shall be presented on major projects (both operating and capital projects)
previously identified by the Committee.
8. Investment balances along with year-to-date interest earnings.
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City of Edmonds — Financial Policy Framework
Mid -year Financial Review
A review of City financial highlights shall occur approximately in the middle of the City's fiscal year.
Such a review shall be provided to the full City Council and shall include:
1. A review of the prior year's audit including:
a. Any findings or management letters presented to the City by the SAO,
b. The Audit Opinions provided to the City by the SAO,
c. Any changes or adjustments made to the published, unaudited financial reports
made due to audit.
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2. A review of the current biennial budget to date including:
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a. Any updates to beginning fund balances as a result of audit,
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b. Biennium -to -date budgetary performance of major revenues and expenditures
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compared to expectations including any resulting budget amendment
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recommendations. (For example, if revenues are below expectations a
recommendation could be made to adjust budget authority).
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c. The status of any interfund loans consistent with the City's Interfund Loan Policy.
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3. A preview of the future budgetary expectations.
a. In an odd -numbered year, the preview will focus on the upcoming mid -biennium
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review.
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b. In an even -numbered year, the preview will focus on the upcoming biennial budget
process.
c. The preview will include:
i. Expectations for revenue trends and the underlying issues that influence the
expectations. If changes to rates or fees are anticipated, they shall be part of
this discussion.
ii. Expectations for expenditures in the coming fiscal period and the underlying
issues influencing these expectations.
iii. A draft calendar for the upcoming process (either mid -biennium review or
biennial budget process).
iv. An update to the long-range financial plan as appropriate along with relevant
assumptions.
Fund Balance Reserve Policy
Introduction
The overall objective of Fund Balance Reserve Policy is to define that portion of fund
balance that is unavailable to support the current budget. In many ways, fund balance
represents working capital, which can either be used as a liquidity reserve or for spending
in future years. A comprehensive fund balance reserve policy provides guidelines for the
major funds of the City of Edmonds and provides a structured approach in setting reserve
levels in specifically designated funds. It is financially prudent for Edmonds to retain a
modest level of unrestricted/uncommitted working capital in addition to explicitly defined
reserve levels identified in this policy to address unforeseen expenditure needs each
budget cycle.
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City of Edmonds - Financial Policy Framework
This Fund Balance/Reserve Management Policy is intended to guide prudent use of
resources to provide for services to taxpayers and to maintain sound management
policies. It is essential that governments maintain adequate levels of fund balance
reserves to mitigate risks and provide a back-up for unanticipated revenue shortfalls or
expenditures.
Goals of the Fund Balance Reserve Policy
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The goals of this Fund Reserve Policy are to provide clear guidance for the appropriate level of Fund
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Balance Reserve for our city; set reporting and monitoring requirements, define the appropriate
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triggering warning mechanism when approaching reserve usage, set Council approval before the
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Restricted Reserve can be used, define replenishment timeline and requirements, and that
uncommitted fund balances should not be spent down to the ceiling of the General Fund reserve
level.
Fund Balance Reserve Policy
It is the policy of the City of Edmonds to provide forthe continuity of City government by planning
ahead for economic uncertainties and unforeseen or unplanned major expenditures. This policy
establishes reserve fund balance accounts that will provide fundingfor emergencies, economic
uncertainties and for unanticipated operating expenses or revenue shortfalls. In addition, this
policy incorporates the provisions of Governmental Accounting Standards Board Statement (GASB)
no. 54, Fund Balance Reporting and Governmental Fund Type Definitions.
Objectives
The purpose of this Fund Balance Reserve Policy is to assist the City in the pursuit of the
following equally important objectives:
1. Build adequate reserves which will provide the City the resources necessary for
financial stabilization, particularly duringtimes of unforeseen emergencies and
economic downturns.
2. Establish sound fiscal reserve policies that will serve as the foundation for
ensuring that strong fiscal management policies guide future City decisions.
3. Provide prudent guidelines regarding the establishment, use and
replenishment of City committed or assigned fund balances reserves.
4. Establish a process for periodic reporting and review of the City's various fund
balances (reserves); and
5. Enhance the City's credit ratings received from rating institutions through the
establishment of clearly delineated Fund/Reserve policies that promote strong
fiscal management.
6. Establish reserve policies that are in full compliance with GASB 54 financial
reporting requirements. that prioritize the City's core services.
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City of Edmonds — Financial Policy Framework
Factors that Influence the Appropriate Size of Reserves
Volatility- The predictability and/or the volatility of its revenues or its expenditures (i.e., higher levels
of fund balance reserves may be needed if significant revenue sources are subject to unpredictable
fluctuations or if operating expenditures are highly volatile).
Oaerating Fund Size -The overall size of the fund's budgetary events should be taken into
consideration in setting the required fund balance reserve level and type for a particular fund.
Reserves as a Risk Management Tool — Reserve levels can vary if there significant or perceived a
exposure to one-time outlays (e.g., disasters, immediate capital needs, or are there potential drains
upon fund resources from other funds, or conversely, are there potential reductions in funding =
transfers from other funds)? c
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Bond Ratings - The potential impact on the entity's bond ratings and the corresponding increased c
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cost of borrowed funds.
Reserve Levels for City Major Operating Funds
General Fund —The General Fund Unassigned Fund Balance is set at 16% of annual operating
expenditures as portrayed by the City's adopted budget.
Contingent Reserve Fund (consistent with RCW 35A.33.145)—The Contingent Reserve Fund's
purpose is to serve solely as an unassigned fund balance which shall be equal to 4% of the annual
General Fund operating budget expenditures.
Water Utility Fund —The budgeted Working Capital Balance is set at 12% of annual operating
budget expenditures.
Sewer / Wastewater Treatment Plan Fund - The budgeted Working Capital Balance is set at 12%
of annual operating budget expenditures.
Utilization of Fund Balances or Reserves
The Mayor has the power to declare a fiscal emergency based upon one of the following:
1) A natural catastrophe.
2) An immediate threat to health and public safety; or
3) Asignificant decline in General Fund revenues. Or
4) Unexpected expenditures that outpaced General Fund revenue.
Council shall be notified of any fiscal emergency declared by the Mayor within 30 days of
such declaration. The fiscal emergency declared by the Mayor must be approved by a
simple majority of the City Council in a timely fashion. Note: if the mayor is unable to act or
refuses to act to declare a fiscal emergency when any one of these conditions are present,
City Council may declare a fiscal emergency by a simple majorityvote.
Uses of Fund Balances or Reserves stipulated as minimum balances bythis policy shall
have occurred when expenditures are authorized via an appropriation of the council.
Incidental use of available fund balances (Governmental Funds) or reserves (Enterprise
Funds) for incidental cash -flow shall not constitute a "utilization of Fund Balances or
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City of Edmonds — Financial Policy Framework
2.1.a
Reserves" under this.
Limitations of Fund Balance or Reserve Fund Use
Any use of the fund balances or reserves below the stipulated policy levels shall be only in
cases of fiscal emergency and shall not be used to augment ongoing budgetary/operating
spending increases. Fund Balances or Reserves above the stipulated policy levels may
also be used forone-time non-reoccurringexpenditures and/orcapital projects (operations
and maintenance shall not be included), consistent with the Budget Policy as submitted
by the Mayor and approved by the Council.
The amount of funds to be withdrawn from this committed fund balance reserve shall be
determined by the Mayor subject to City Council approval. In his/her presentation to the
Council, the Mayor or his/her designee shall include a detailed list of how the funds will be
applied. A simple majorityvote of the Council shall be required to approve the amount and
use of funds.
Fund Balance and Reserve Replenishment
In the event of use of any of the stipulated Fund Balances or Reserves has occurred, the
Mayor shall present to the City Council an annual Replenishment Plan within 60 days, as
well as an element of each monthly interim financial report until the stipulated balances
are restored. The monthly interim financial report shall clearly presentthe amount that any
Fund Balance or Reserve accounts are below the levels stipulated bythis policy. The initial
Replenishment Report must include the following information:
1) Amount of Reserves used;
2) Whether it is anticipated additional Reserves will be needed in the following budget
cycle, and
1) A plan for replenishing the Reserve to policy mandated levels.
Interfund Loan Policy
Long Term Interfund Loans
The City may issue interfund loans rather than outside debt instruments as a means of financing
capital improvements. Interfund loans will be permitted only if an analysis of the affected
accounting fund indicates excess funds (e.g. cash and investments) are available and the use of
these funds will not impact the fund's anticipated operations. All long-term interfund borrowing will
be subject to prior approval by the City Council and will bear interest based upon rates of the
Local Government Investment Pool of the Washington State Treasurer's Office (the Pool).
The decision to use interfund loans rather than outside debt will be based on which is deemed to be
the most cost effective approach to meet city capital needs. Such assessment should be reviewed
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2.1.a
City of Edmonds — Financial Policy Framework
by the City's Municipal Advisor who shall provide an objective analysis and recommendation to the
City Council prior to their consideration of such a loan.
Short -Term Debt Policies
Short-term debt is defined as a period of three years or less.
The City may use short-term debt to cover temporary cash flow shortages, which may be caused by w
a delay in receipt of tax revenues or issuing long-term debt. The City will not use short-term debt as
a substitute for revenues to finance current operations. All interfund short-term borrowing will be c
reported in the monthly financial reports of the City in accordance with the Interim Financial a
Reports Policy and will bear interest based upon prevailing rates of the Pool. Council reserves the
right to reverse the use of short-term interfund loans at its discretion. Use of short-term, interfund =
borrowing for temporary cash flow shortages do not, in and of itself constitute a use of Fund
Balances or Reserves under that policy.
Budget Policy
Purpose
The purpose of the budget policy for the City of Edmonds is to establish a robust financial
foundation that supports the continuation of essential municipal services while ensuring the social
welfare and upkeep of the city's physical infrastructure. This policy aims to fortify the city's
resilience against local and regional economic challenges, enabling it to adapt to evolving service
demands and other community -related changes. By maintaining an outstanding credit rating, the
city government aims to instill confidence in taxpayers regarding the fiscal health and stability of
Edmonds. Furthermore, the budget policy seeks to address the needs ofj:
• Future generations within the Edmonds community,
• Those in our community who are less able to be proactively involved in shaping government
policy while
• emphasizing a forward -looking approach to financial planning and resource allocation.
This policy shall apply to all City funds.
References
• GFOA Best Practices Adopting Financial Policies
• SAO Top 12 most important financial policies
• MRSC Financial Policies Overview
Operating Budget Policy
The operating budget serves as the cornerstone of the City of Edmonds' financial strategy,
embodying a comprehensive two-year plan that aligns with the city's priorities as approved by the
City Council to deliver essential services. Developed biennially, this budget framework
encapsulates the municipality's vision and commitment to meeting the needs of its residents.
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City of Edmonds — Financial Policy Framework
The budget policy helps to ensure transparency, efficiency, and effectiveness in fiscal
management.
1. The goals of the budget process are to:
o Align the budget with adopted priorities of the City Council,
o Measure progress towards priorities,
o Get the best value for each tax dollar, and
o Foster continuous learning in the City.
2. The operating budget should reflect sustainable levels of service. a°
3. "One-time" expenses require specific authority to be carried forward into subsequent
budgets (i.e. no automatic "roll-over" of appropriations).
4. Revenues and expenditures for the General Fund and all major operating funds shall be =_
projected for the current biennium and the ensuing four years.
a. Such projections shall be supported by documentation of assumptions used to 0
develop the forecasts. a
b. Alternative forecasts may be presented.
5. The biennial operating budget should include any maintenance and operating costs
associated with completed capital projects.
6. The city will maintain all its assets at a level that protects the City's capital investment and
minimizes future maintenance and replacement costs.
7. The city will maintain an equipment replacement and maintenance needs analysis for the
life cycle of the equipment and will update this projection every two years consistent with
budget development.
8. All general government current operating expenditures will be paid from current revenues.
a. Any inability to support operations from current revenues shall be specifically
identified in the Mayor's proposed budget.
9. The city will avoid budgetary and accounting procedures which balance the current budget
at the expense of future budgets.
10. The City of Edmonds defines a balanced budget as current biennium budgeted revenues
(including fund balances) being equal to or greater than current biennium budgeted
expenditures.
11. The City further defines a structurally balanced budget as recurring budgeted revenues
(excluding fund balances) being equal to or greater than recurring budgeted expenditures.
12. All supplemental appropriation requests for programs following the adoption of the original
budget will be considered based on need and the availability of a new funding source (e.g.,
unanticipated grant). All supplemental appropriations will conform to the same rigors as the
budget process for the biennium.
13. Budget Calendar
a. The Mayor will propose a biennial budget calendar by the first regular City Council
business meeting in April in every even year.
b. The calendar will be comprehensive in nature and generally provide for a process
that resembles the Best Practices for municipal budgets as published by the
Government Finance Officers Association.
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City of Edmonds — Financial Policy Framework
2.1.a
Long Range Financial Strategy
The Council shall develop a forward -looking outline of policy preferences for City fiscal resiliency to
be known as the "Long -Range Financial Strategy" (the Strategy). Such a strategy shall address
policy guidance for revenues, operating expenditures and capital projects to be used by the Mayor
in developing budget proposals and related actions to be considered for adoption by the City
Council.
Initially the strategy should be developed in anticipation of the 2025-26 biennium budget and
Capital Improvement Program.
The Strategy shall also be the basis for developing financial forecasts and any recommendations
regarding significant revenue increases.
Revenue Policy
In our commitment to financial stability and resilience, the City of Edmonds adopts a proactive
approach to revenue management. Central to this approach is the recognition of the inherent
volatility associated with individual revenue streams. Thus, our revenue policy emphasizes the
importance of maintaining a diversified revenue mix. By spreading risk across various sources of
income, the city aims to mitigate the impact of short-term fluctuations in any single revenue
stream. This strategic diversification not only safeguards against economic uncertainty but also
ensures the sustained funding necessary to support vital municipal services and initiatives.
1. As permitted by state law, the city will strive to maintain a diversified revenue mix,
encompassing elastic and inelastic revenues, to help manage the downside risks
associated with economically sensitive revenue sources and to keep pace with expenditure
growth. To pursue this policy goal, the City Council will consider revenue changes as part of
its review of the City's Long Range Financial Strategy each biennium.
2. To minimize the impact of an economic downturn on service levels, conservative revenue
estimates will be developed for economically sensitive revenue sources.
3. The city will estimate its biennial revenues by an objective, analytical process using best
practices as defined by the Government Finance Officers Association. Economic
assumptions will be influenced by reliable and relevant sources such as the Washington
State Economic and Revenue Forecast Council and the King County Office of Economic and
Financial Analysis.
4. The city will project revenues for the next six years and will update this projection biennially.
5. The Finance Department will present to the City Council an analysis of each potential major
revenue source as part of the biennial budget process.
6. The City will refrain from making budgetary decisions (specifically allocating resources to be
expended) outside of the biennial budget process or the formal budget amendment
process.
7. The City will establish all user charges after considering the full cost of providing the service
and within policy parameters with regard to cost recovery goals established by the City
Council.
8. In each odd numbered year, the city will review user fees to adjust for the effects of inflation
and other factors as appropriate.
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City of Edmonds - Financial Policy Framework
Expenditure Policy
The city's financial policy ensures strict adherence to all relevant regulations governing expenditure
transactions while also prioritizing forward -looking forecasting methodologies. By evaluating
projected expenditures, we aim to gauge our city's capacity to fulfill performance metrics and
effectively address the evolving needs of our community, fostering transparency and fiscal
responsibility.
1. The City's operating budget will not use one-time revenues to support ongoing
expenditures.
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2. The City will maintain expenditure categories according to state statute and administrative
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regulation. Capital expenditures shall meet the requirements of generally accepted
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accounting principles (GAAP).
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3. The City will forecast its General Fund expenditures biennially for the next six years. The
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drivers and assumptions used in the forecast will be described.
4. A cost allocation plan will be maintained and updated as a part of each City budget. The
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cost allocation plan will be the basis for distribution of general government costs to other
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funds or capital projects (also known as indirect costs). Such plan will be incorporated into
the City's budgeting process and subject to City Council review.
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Glossary
Annual Comprehensive Financial Report (ACFR)- A set of financial statements for a
state, municipality or other governmental entity that comply with the accounting
requirements established by the Governmental Accounting Standards Board (GASB). It
must be audited by an independent auditor using generally accepted government
auditing standards.
The ACFR consists of three sections: Introductory, Financial and Statistical.
The Introductory section orients and guides the reader through the report. The Financial
section presents the entity's basic financial statements as well as notes to the
statements and the independent auditors' report. The Statistical section provides
additional financial and statistical data, including data about financial trends that may
better inform the reader about the government's activities.
Balanced Budget - Fund balance plus budgeted revenues is equal to or greater than
budgeted expenditures.
Budget - A plan of financial operation containing an estimate of proposed expenditures
fora given period and a proposed forecast of revenues (receipts) to cover them. A budget
is also a plan that outlines an organization's financial and operational goals and
strategies in monetary terms.
Capital Expenditures are expenditures incurred when monies are spent eitherto buyfixed
assets orto add to the value of an existing fixed asset with a useful life that extends beyond
the fiscal year. In accounting, a capital expenditure is added to an asset account
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("capitalized"), thus increasing the asset's basis (the cost orvalue of an asset). The general
rule is that if the property acquired has a useful life longer than the time stipulated by policy,
the cost must be capitalized. The capital expenditure costs are then amortized or
depreciated over the life of the asset in question in full accrual accounting systems.
Council - Means the legislative body (the city council) that governs the City of Edmonds.
Expenditure - The actual payment of cash or cash equivalent for goods delivered or
services rendered, or a charge against available funds in settlement of an obligation as a°
evidenced by an invoice, voucher or other such document during the fiscal year. For
governmental reporting purposes, expenditures include expenses or a provision for debt
retirement not reported as a liability of the fund from which retired.
Fiscal Year - A 12 month period to which the annual or biennial operating budget applies
and the end of which a governmental unitdetermines itsfinancial position and the results
of its operations. In Washington State, Citys use a January to December fiscal year.
Regardless of whether annual or biennial budget is used, the Fund Balance Reserve and
Contingency Fund Reserve are reviewed on an annual basis.
Fund - A fund is a self -balancing set of accounts recording cash and other financial
resources, together with all related liabilities and "residual" equity or balances, and
changes therein, which are segregated for the purpose of carrying on specific activities
or attaining certain planned objectives in accordance with special regulations,
restrictions or limitations.
Fund Balances -The overall objective of fund balance reporting is to isolate that portion of
a fund balance that is unavailable to support the following period's budget (see GASB 54
definition below). In general, an unassigned fund balance shall be defined as those
amounts that are not restricted, committed, or assigned, of a particular fund at the end
of the fiscal year.
GASB 54 - Fund Balance Reporting and Governmental Fund Type Definitions - The
City of Edmonds's ACFR Financial Statements are required to comply with GASB 54 as
stipulated by the Washington State Auditor's Office. GASB 54 identifies fund balance
classifications that can be more consistently applied by clarifying existing
governmental fund type definitions.
Fund balance is the difference between the assets and liabilities reported in a fund.
GASB statement No. 54 provides the following five categories for classifying fund
balance and related definitions to be used for describing the components of fund
balance:
1. Nonspendable Fund Balance Amounts that are not in a spendable form or are
required to be maintained intact. Due to the nature or form of the resources,
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they generally cannot be expected to be converted into cash or a spendable
form (e.g. Inventories and prepaid amounts). This also includes long-term loan
and notes receivable and property held for resale. Applies as well to amounts that
must be retained intact legally or contractually.
2. Restricted Fund Balance - Amounts that can be spent only for the specific
purposes stipulated. Constraints are placed on the use of resources by external
parties (e.g. by creditors, grant providers, contributors) or by laws or
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regulations (e.g. constitution or legally enforceable language). Restrictions
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may be changed or lifted onlywith the consent of the resource provider.
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3. Committed Fund Balance - Amounts can only be used for the specific
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purposes determined by a formal action of City Council. Constraints on fund
balance use are imposed by internal. formal action of the government's highest
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Level of decision -making authority (e.g. City Council) and can only be removed
or changed by taking the same type of action it employed to commit those
c
amounts through legislation, resolution, or ordinance (e.g. funds committed to
L
satisfy contractual obligations). Action to constrain resources must occur
prior to year-end; however the amount can be determined in the subsequent
c
period.
v
4. Assigned Fund Balance - Assigned fund balances include amounts that are
Limited by the Council, Mayor, or his/her designee, for its intended use, but little
0
or no formal action is required to modify or eliminate those limitations.
Assigned fund balances comprises amounts intended to be used for a specific
c
purpose. Amounts reported as assigned should not result in a deficit in
unassigned fund balance. Also relates to all governmental funds otherthan the
-Ea
w
General Fund, with any remaining positive amounts not classified as
4-
0
nonspendable, restricted or committed.
5. Unassigned Fund Balance - Comprises the residual classification for the
,o
General Fund and includes all amounts not contained in the other
classifications. Unassigned amounts are available for any purpose. This
2
represents the residual amount of the fund balance that has not been
0.
restricted, committed, or assigned. 20
1.
General Fund - In public sector accounting, the General Fund is the primary operating
fund for all revenues of the Citythat are not otherwise restricted as to their use, including
monies from local property and sales tax, and other revenue sources that are not
assigned for a specific purpose. The General Fund provides the resources necessary to
pay/sustain the day-to-day activities for City services such as administration,
community services, parks and recreation, police, fire, public works, elected officials,
Mayor, and City Council.
Government Accounting Standards Board (GASB) - GASB is the private, nonpartisan,
nonprofit organization that works to create and improve the rules U.S. state and local
governments follow when accounting for their finances and reporting them to the
public. While the GASB does not have the power to enforce compliance with the
Page 12
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City of Edmonds - Financial Policy Framework
2.1.a
standards it promulgates, the authority for its standards is recognized under the Rules
of Conduct of the AICPA. Also, legislation in many states requires compliance with
GASB standards, and governments usually are expected to prepare financial
statements in accordance with those standards when they issue bonds or notes or
otherwise borrow from public credit markets. In Washington, state law delegates this
authority to the Washington State Auditor's Office who prescribes accounting and
reporting standards for cities.
Operating Budget - A detailed projection of all estimated income and expenses based
on forecasted revenue duringa given period (usuallyone year).
Revenue - The income of a government from all sources appropriated for the payment of
the public expenses. It includes such items as tax payments, fees from specific services,
receipts from other governments, fines, forfeitures, grants, shared revenues and interest
income.
Structurally Balanced Budget - Budgeted recurring revenues are greater than budgeted recurring
expenditures in the biennium.
Structural Budget Deficit or "Gap" - A budget deficit (Gap) that results from a
fundamental imbalance whereby current year governmental expenditures exceed
current year revenues without any consideration of carryover or prior year unspent
revenue balances if they exist. A structural deficit remains across the operating fiscal
cycle because the general level of government spending is too high for the prevailing
revenue structure (e.g., taxes, fees and other sources). A fiscal Gap, is a structural
budget deficit over an extended period of time and not only includes the structural deficit
at a given point in time but also the difference between promised future government
commitments, such as health and retirement spending, and future planned or
anticipated tax and other revenues.
Page 13
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2.2
City Council Agenda Item
Meeting Date: 05/14/2024
Utility Bond Issue
Staff Lead: Mike Bailey
Department: Administrative Services
Preparer: Kimberly Dunscombe
Background/History
As discussed throughout 2023, the consideration of refunding a bond issuance was aimed at generating
savings for the city. However, upon thorough evaluation, it was determined that the projected savings
did not sufficiently outweigh the associated costs at that time.
During the recent 2024 budget deliberations, in collaboration with the Capital Improvement Plan (CIP),
staff proposed issuing bonds for several vital utility projects. This proposal is complemented by a utility
bond refunding strategy that promises savings, making it a financially prudent decision for the city.
Staff Recommendation
Approve delegation bond ordinance and forward to the next available Council meeting for full Council
discussion.
Narrative
<Type or insert text here>
Attachments:
Edmonds _W&S 2024 Bonds _ordinance(102363683.2)
Packet Pg. 17
2.2.a
CITY OF EDMONDS, WASHINGTON
ORDINANCE NO.
y
AN ORDINANCE of the City of Edmonds, Washington, c
relating to the combined water and sewerage systems comprising m°
the waterworks utility of the City; specifying, adopting, and
ordering the carrying out of a system or plan of additions to and B
betterments and extensions of the combined waterworks utility;
providing for the issuance of one or more series of water and sewerco
M
revenue bonds for the purpose of providing the funds necessary:
(1) to pay all or a portion of the costs of carrying out that plan of M
additions, (2) to make a deposit into the debt service reserve c
account, and (3) to pay the costs of issuance and sale of the bonds;
fixing or setting parameters with respect to certain terms and
covenants of the bonds; appointing the City's designated =_
representative to approve the final terms of the sale of the bonds; c
amending Ordinance No. 4309; and providing for other related U�
matters. c
Passed 92024
This document prepared by:
Foster Garvey P. C.
1111 Third Avenue, Suite 3000
Seattle, Washington 98101
(206) 447-4400
FG: 102363683.2
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2.2.a
TABLE OF CONTENTS*
Section 1.
Findings and Determinations...................................................................................1
Section2.
Definitions................................................................................................................2
Section 3.
Adoption of Plan of Additions; Purpose and Authorization of the
Bonds.....................................................................................................................10
Section 4.
Description of the Bonds; Appointment of Designated
Representative........................................................................................................10
Section 5.
Registrar; Registration and Transfer of Bonds......................................................11
Section 6.
Form and Execution of Bonds...............................................................................12
Section 7.
Payment of Bonds..................................................................................................12
Section 8.
Redemption Provisions and Open Market Purchase of Bonds..............................12
Section 9.
Failure To Pay Bonds.............................................................................................14
Section 10.
Refunding or Defeasance of the Bonds.................................................................14
Section 11.
Security for the Bonds; Bond Fund.......................................................................14
Section12.
Flow of Funds........................................................................................................16
Section 13.
Additional Covenants.............................................................................................17
Section 14.
Rate Stabilization Account....................................................................................18
Section 15.
Separate Utility Systems........................................................................................19
Section 16.
Deposit of Bond Proceeds......................................................................................19
Section 17.
Sale and Delivery of the Bonds; Parity Certificate................................................19
Section 18.
Parity Conditions...................................................................................................20
Section19.
Tax Matters............................................................................................................21
Section 20.
Official Statement; Continuing Disclosure............................................................21
Section 21.
Amendatory Ordinances........................................................................................22
Section 22.
Amendment of Ordinance No. 4309......................................................................24
Section 23.
General Authorization and Ratification.................................................................24
Section24.
Severability............................................................................................................24
Section 25.
Effective Date of Ordinance..................................................................................25
Exhibit A Parameters for Final Terms of the Bonds
Exhibit B Parity Conditions For Issuance of Future Parity Bonds
Exhibit C Description of Plan of Additions
Exhibit D Form of Continuing Disclosure Undertaking
* The cover page, table of contents and section headings of this ordinance are for convenience
of reference only, and shall not be used to resolve any question of interpretation of this
ordinance.
FG: 102363683.2 Packet Pg. 19
2.2.a
CITY OF EDMONDS, WASHINGTON
ORDINANCE NO.
AN ORDINANCE of the City of Edmonds, Washington,
relating to the combined water and sewerage systems comprising
the waterworks utility of the City; specifying, adopting, and
ordering the carrying out of a system or plan of additions to and
betterments and extensions of the combined waterworks utility; N
providing for the issuance of one or more series of water and sewer
revenue bonds for the purpose of providing the funds necessary: c
(1) to pay all or a portion of the costs of carrying out that plan of m
additions, (2) to make a deposit into the debt service reserve
5
account, and (3) to pay the costs of issuance and sale of the bonds;
fixing or setting parameters with respect to certain terms and N
covenants of the bonds; appointing the City's designated co
representative to approve the final terms of the sale of the bonds;
and providing for other related matters. N
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO ORDAIN
AS FOLLOWS:
Section 1. Findings and Determinations. The City Council of the City of Edmonds,
Washington (the "City"), makes the findings and determinations set forth below. Capitalized
terms have the meanings given in Section 2.
(a) Refunding Plan Ratified and Confirmed. Pursuant to Ordinance No. 4309, passed
on June 20, 2023, the City authorized the issuance of the Refunding Bonds for the purpose of
providing the funds necessary to pay all or part of the of the costs of refunding the City's
outstanding Water and Sewer Revenue Bonds, 2013, authorized by Ordinance No. 3933, passed
on July 16, 2013, to achieve a debt service savings, and to pay the costs of issuance and sale of
the Refunding Bonds and the administrative costs of the refunding. Pursuant to Ordinance
No. 4309, the Refunding Bonds may not be issued later than one year after the effective date of
Ordinance No. 4309 (June 28, 2023). The City Council ratifies and confirms the findings and
determinations made in Ordinance No. 4309, and it is in the best interest of the City to extend the
date to which the Refunding Bonds may be issued to one year after the effective date of this
ordinance.
(b) Plan of Additions. The City is in need of funds with which to finance the Plan of
Additions, the estimated cost of which is $11.7 million, and the City does not have available
sufficient funds to pay the costs. The life of the improvements comprising the Plan of Additions
is declared to be at least 21 years.
(c) Previously Issued Bonds and Loans. The City previously issued the 2013 Bonds,
the 2015 Bonds, and the 2020 Bonds and by the Outstanding Parity Bond Ordinances provided
FG: 102363683.2
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2.2.a
for the issuance of Future Parity Bonds the payment of which is secured by a lien and charge on
Net Revenue and ULID Assessments on a parity with the lien and charge that secure payment of
the Outstanding Parity Bonds if certain Parity Conditions are met at the time the Future Parity
Bonds are issued. The City also has outstanding Loans the payment of which is secured by a lien
or charge on Net Revenue that is junior and inferior to the lien and charge on Net Revenue that
secure payment of the Parity Bonds.
(d) Parity Conditions Met. The amounts required to have been paid into the Bond
Fund for the Outstanding Parity Bonds have been paid and maintained as required therein, and
all other Parity Conditions for the issuance of the Bonds as Future Parity Bonds will have been
met and satisfied before the Bonds are delivered to the Purchaser.
(e) Sufficiency of Gross Revenue. The Gross Revenue and benefits to be derived
from the operation and maintenance of the Water and Sewer Utility at the rates to be charged for
services from the Water and Sewer Utility will be more than sufficient to meet all Operating and
Maintenance Expense and to permit the setting aside into the Bond Fund out of the Gross
Revenue of amounts sufficient to pay when due the principal of and interest on the Outstanding
Parity Bonds and the Bonds. In fixing the amounts to be paid into the Bond Fund under this
ordinance, the City Council has exercised due regard for Operating and Maintenance Expense
and has not obligated the City to set aside and pay into the Bond Fund a greater amount of Gross
Revenue that in its judgment will be available over and above such Operating and Maintenance
Expense and amount of Gross Revenue previously pledged.
(f) Issuance of Bonds. It is in the best interest of the City to issue and sell the Bonds
to the Purchaser pursuant to the terms set forth in the Bond Purchase Contract as approved by the
City's Designated Representative consistent with this ordinance.
Section 2. Definitions. As used in this ordinance, the following words shall have the
following meanings:
(a) -2013 Bond Ordinance" means Ordinance No. 3933, passed on July 16, 2013.
(b) "2013 Bonds" means the City's outstanding Water and Sewer Revenue Bonds,
2013, authorized by the 2013 Bond Ordinance.
(c) "2015 Bond Ordinance" means Ordinance No. 3996, passed on May 5, 2015.
(d) "2015 Bonds" means the City's outstanding Water and Sewer Revenue Bonds,
2015, authorized by the 2015 Bond Ordinance.
(e) "2020 Bond Ordinance" means Ordinance No. 4197, passed on October 13,
2020.
(f) "2020 Bonds" means the City's outstanding Water and Sewer Revenue Bonds,
2020 (Certified Climate Bonds), authorized by the 2020 Bond Ordinance.
(g) "Adjusted Net Revenue " means Net Revenue plus withdrawals from the Rate
Stabilization Account and less deposits into the Rate Stabilization Account.
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2.2.a
(h) "Annual Debt Service" means, for any fiscal year, with respect to all Parity
Bonds outstanding or maturing in that year, all amounts required to be paid in that year in respect
of principal of and interest on those Parity Bonds, less all bond interest payable from the
proceeds of any Parity Bonds, and less all Tax Credit Subsidy Payments scheduled to be received
in that year. Parity Bonds issued as Variable Interest Rate Bonds shall be assumed to bear
interest at a fixed rate equal to the higher of (i) the highest variable rate borne during the
preceding 24 months by any Variable Interest Rate Bonds then outstanding or (ii) if no Variable
Interest Rate Bonds are then outstanding, a rate determined by reference to the index to be used
to determine the interest rate on the Future Parity Bonds proposed to be issued or a comparable
index.
(i) "Authorized Denominations " means $5,000 or any integral multiple thereof
within a maturity of a Series.
0) "Average Annual Debt Service" means, as of its date of calculation, the sum of
the Annual Debt Service for the current fiscal year and the fiscal years remaining to the last
scheduled maturity of the applicable issue or issues of bonds divided by the number of those
years.
(k) `Beneficial Owner" means, with respect to a Bond, the owner of any beneficial
interest in the Bond.
(1) "Bond" means each bond authorized to be issued by this ordinance.
(m) "Bond Counsel" means the firm of Foster Garvey P.C., its successor, or any other
attorney or firm of attorneys selected by the City with a nationally recognized standing as bond
counsel in the field of municipal finance.
(n) "Bond Fund" means the City's Water and Sewer Utility Revenue Bond Fund,
2011, created for the payment of the principal of and premium, if any, and interest on Parity
Bonds.
(o) "Bond Insurance Policy" means a municipal bond insurance policy issued by a
Bond Insurer insuring the payment when due of the principal of and interest on Parity Bonds as
provided in such policy.
(p) "Bond Insurer" means a bond insurance company providing a Bond Insurance
Policy or Reserve Security for any outstanding Parity Bonds.
(q) "Bond Purchase Contract" means, with respect to each Series, an offer to
purchase the Series, setting forth certain terms and conditions of the issuance, sale, and delivery
of the Series, which offer is authorized to be accepted by the Designated Representative on
behalf of the City, if consistent with this ordinance. In the case of a competitive sale, the official
notice of sale, the Purchaser's bid, and the award by the City shall constitute the Bond Purchase
Contract for purposes of this ordinance.
(r) "Bond Register" means the books or records maintained by the Registrar for the
purpose of identifying ownership of each Bond.
FG: 102363683.2
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2.2.a
(s) "City" means the City of Edmonds, Washington, a municipal corporation duly
organized and existing under the laws of the State.
(t) "City Council" means the legislative authority of the City, as duly and regularly
constituted from time to time.
(u) "Code" means the United States Internal Revenue Code of 1986, as amended,
and applicable rules and regulations promulgated thereunder.
(v) "Construction Fund" means the fund or account designated by the Finance
Director for the payment of the costs of the Plan of Additions. N
(w) "Coverage Requirement" means, for any fiscal year, an amount of Adjusted Net c
Revenue equal to not less than 1.25 times the Annual Debt Service in that year on all Parity m
Bonds then outstanding. For purposes of calculating the Coverage Requirement, ULID
5
Assessments due in that year and not delinquent shall be subtracted from Annual Debt Service.
(x) "Designated Representative" means the officer of the City appointed in Section 4
to serve as the City's designated representative in accordance with RCW 39.46.040.
(y) "DTC" means The Depository Trust Company, New York, New York, or its
nominee.
(z) "Final Terms " means the terms and conditions for the sale of a Series, including
the amount, date or dates, denominations, interest rate or rates (or mechanism for determining
interest rate or rates), payment dates, final maturity, redemption rights, price, and other terms or
covenants.
(aa) "Finance Director" means the Finance Director of the City or any other City
official who succeeds to the duties now delegated to that office, or the designee of such officer.
(bb) "Fiscal Agent" means the fiscal agent of the State, as the same may be designated
by the State Finance Committee from time to time.
(cc) "Future Parity Bond Authorizing Ordinance" means an ordinance of the City
authorizing the issuance and sale of Future Parity Bonds.
(dd) "Future Parity Bonds " means all revenue obligations and other obligations of the
City for borrowed money (including financing leases) issued or incurred after the Issue Date, the
payment of the principal of and interest on which is secured by a charge or lien on the Net
Revenue and ULID Assessments equal in rank with the lien and charge on Net Revenue and
ULID Assessments required to be paid into the Bond Fund to pay and secure the payment of the
principal of and interest on the Parity Bonds.
(ee) "Government Obligations" means direct obligations of, or obligations the timely
payment of principal of and interest on which are unconditionally guaranteed by, the United
States of America.
4
FG: 102363683.2
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(ff) "Gross Revenue" means all of the earnings and revenues received by the City
from the maintenance and operation of the Water and Sewer Utility, including: revenues from
the sale, lease, or furnishing of commodities, services, properties or facilities; all earnings from
the investment of money in the Bond Fund that are deposited into the Principal and Interest
Account; earnings from the investment of money in any maintenance fund or similar fund; all
connection and capital improvement charges collected for the purpose of defraying the cost of
capital facilities of the Water and Sewer Utility; and withdrawals from the Rate Stabilization
Account. However, the Gross Revenue shall not include: (a) revenues from City taxes;
(b) principal proceeds of Parity Bonds or any other borrowings, or earnings or proceeds from any
investments in a trust, defeasance, or escrow fund created to defease or refund obligations y
relating to the Water and Sewer Utility (until commingled with other earnings and revenues N
included in the Gross Revenue) or held in a special account for the purpose of paying a rebate to c
the United States Government under the Code; (c) income and revenue that may not legally be m°
pledged for revenue bond debt service; (d) improvement district assessments including ULID
Assessments; (e) federal or state grants, and gifts from any source allocated to capital projects; 5
(f) payments under bond insurance or other credit enhancement policy or device; (g) insurance or
condemnation proceeds used for the replacement of capital projects or equipment; (h) proceeds M
from the sale of Water and Sewer Utility property; (i) earnings on bond proceeds in any CO
construction fund or bond redemption fund; 0) deposits into the Rate Stabilization Account;
(k) Tax Credit Subsidy Payments; or (1) revenue from any Separate Utility System. c
(gg) "Independent Utility Consultant" means a professional consultant experienced
with municipal utilities of comparable size and character to the Water and Sewer Utility and in
such areas as are relevant to the purpose for which he or she is being retained. Such a consultant
shall be deemed independent so long as he or she is not an employee or officer of the City.
(hh) "Issue Date " means, with respect to a Bond, the date of initial issuance and
delivery of the Bond to the Purchaser in exchange for the purchase price of the Bond.
(ii) "Letter of Representations" means the Blanket Issuer Letter of Representations
dated August 6, 1996, between the City and DTC, as it may be amended from time to time, and
any successor or substitute letter relating to the operational procedures of the Securities
Depository.
6j) "Loans " means any State of Washington Public Works Trust Fund loans, State
Drinking Water Revolving Fund loans, or similar loans entered into by the City to fund
improvements to the Water and Sewer Utility, the payment of which is secured by a lien or
charge on Net Revenue that is junior and inferior to the lien and charge on Net Revenue that
secure payment of the Parity Bonds.
(kk) "Maximum Annual Debt Service" means, as of the date of calculation, the
maximum amount of Annual Debt Service that will mature or come due in the current fiscal year
or any future fiscal year with respect to all Parity Bonds then outstanding.
(11) "MSRB " means the Municipal Securities Rulemaking Board.
E
FG: 102363683.2
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(mm) "Municipal Advisor" means Northwest Municipal Advisors of Bellevue,
Washington, or any other municipal advisor then appointed and acting as financial advisor to the
City.
(nn) "Net Revenue" means the Gross Revenue, less Operating and Maintenance
Expenses.
(oo) "Official Statement" means an offering document, disclosure document, offering
memorandum, or substantially similar disclosure document provided to purchasers and potential
purchasers in connection with the initial offering of a Series in conformance with Rule 15c2-12
or other applicable regulations of the SEC.
(pp) "Operating and Maintenance Expenses " means all reasonable expenses incurred
by the City in causing the Water and Sewer Utility to be operated and maintained in good repair,
working order, and condition, including payments made pursuant to contract for such service to
any other municipal corporation or private entity for sewage treatment and disposal, water supply
and distribution, or stormwater or other utility service (if the City combines such service into the
Water and Sewer Utility), and including budget charges for the City's administration expenses
allocated to the Water and Sewer Utility, but shall not include depreciation or any taxes (or
charges in lieu of taxes) levied or imposed by the City.
(qq) "Outstanding Parity Bond Ordinances " means the 2013 Bond Ordinance, the
2015 Bond Ordinance, and the 2020 Bond Ordinance.
(rr) "Outstanding Parity Bonds" means the 2013 Bonds, the 2015 Bonds, and the
2020 Bonds.
(ss) "Owner" means, without distinction, the Registered Owner and the Beneficial
Owner.
(tt) "Parity Bond Authorizing Ordinance" means, as applicable to each series of
Parity Bonds, the 2013 Bond Ordinance, the 2015 Bond Ordinance, the 2020 Bond Ordinance,
Ordinance No. 4309, this ordinance, and any Future Parity Bond Authorizing Ordinance.
(uu) "Parity Bonds" means the Outstanding Parity Bonds, the Refunding Bonds, the
Bonds, and any Future Parity Bonds.
(vv) "Parity Conditions " means the conditions precedent to the issuance of Future
Parity Bonds set forth in Exhibit B to this ordinance, which is incorporated herein by this
reference.
(ww) `Permitted Investments" means investments that are legal investments for the
City at the time of such investment.
(xx) "Plan of Additions " means the system or plan of additions and improvements to
and betterments and extensions of the Water and Sewer Utility specified, adopted, and ordered to
be carried out by Section 3.
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2.2.a
(yy) "Principal and Interest Account" means the account of that name created in the
Bond Fund for the payment of the principal of and interest on the Parity Bonds.
(zz) "Purchaser" means, with respect to each Series, the corporation, firm,
association, partnership, trust, bank, financial institution, or other legal entity or group of entities
selected by the Designated Representative to serve as purchaser in a direct placement, to serve as
underwriter or placement agent for a negotiated sale, or awarded as the successful bidder in a
competitive sale of the Series.
(aaa) "Rate Stabilization Account" means the account of that name created for the
purposes described in Section 14.
(bbb) "Rating Agency" means each nationally recognized rating agency, if any,
providing a rating on the Bonds at the request of the City.
(ccc) "Record Date" means the Registrar's close of business on the 15th day of the
month preceding an interest payment date. With respect to redemption of a Bond prior to its
maturity, Record Date means the Registrar's close of business on the date on which the Registrar
sends the notice of redemption in accordance with Section 8.
(ddd) "Refunding Bonds" means the water and sewer revenue bonds authorized to be
issued by Ordinance No. 4309, passed on June 20, 2023.
(eee) "Registered Owner" means, with respect to a Bond, the person in whose name
the Bond is registered on the Bond Register. For so long as the City utilizes the book —entry only
system for the Bonds under the Letter of Representations, Registered Owner means the
Securities Depository.
(fff) "Registrar" means the Fiscal Agent or any successor registrar for the Bonds
selected by the City.
(ggg) "Reserve Account" means the account of that name created in the Bond Fund for
the purpose of securing the payment of the principal of and interest on Parity Bonds.
(hhh) "Reserve Requirement" means, subject to Section 21(d):
(i) prior to the Reserve Requirement Amendment Date, for the Outstanding
Parity Bonds, the Bonds, and each issue of Future Parity Bonds secured by the Reserve
Account, an amount equal to the least of (A) Maximum Annual Debt Service, (B) 125%
of Average Annual Debt Service, or (C) 10% of the original proceeds of each series of
the Parity Bonds then outstanding; and
(ii) on and after the Reserve Requirement Amendment Date, (A) for the 2015
Bonds, an amount equal to the least of (1) Maximum Annual Debt Service on Parity
Bonds secured by the Reserve Account, (2) 125% of Average Annual Debt Service on
Parity Bonds secured by the Reserve Account, or (3) 10% of the original proceeds of
each series of the Parity Bonds secured by the Reserve Account then outstanding, (B) for
the 2020 Bonds, the Refunding Bonds, and the Bonds, zero, and (C) for each issue of
7
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2.2.a
Future Parity Bonds, the amount specified as such pursuant to the applicable Future
Parity Bond Authorizing Ordinance.
(iii) "Reserve Requirement Amendment Date" means the first date on which all of the
following have occurred:
(A) the 2013 Bonds are deemed to be no longer outstanding under the 2013
Bond Ordinance;
(B) the 2020 Bonds, the Refunding Bonds, and the Bonds then outstanding
together constitute not less than 50% in aggregate principal amount of the Parity Bonds N
then outstanding; V
c
0
(C) the City has caused notice of the passage of this ordinance to be given by m
first class United States mail to all registered owners of the then outstanding 2015 Bonds
and 2020 Bonds and to Moody's Investors Service, Inc. and S&P Global Ratings, which
notice briefly describes this ordinance and states that a copy is available from the Finance N
Director for inspection; and 9-0
(D) the City has received an opinion of Bond Counsel stating that this
ordinance and Ordinance No. 4309 are permitted by the 2015 Bond Ordinance and the
2020 Bond Ordinance, that upon the effective date of this ordinance, this ordinance and
Ordinance No. 4309 will be valid and binding upon the City in accordance with their
respective terms, and that the passage of this ordinance and Ordinance No. 4309 will not
adversely affect the exclusion from gross income for federal income tax purposes of
interest on the 2015 Bonds or the 2020 Bonds.
6jj) "Reserve Security" means, in lieu of cash and investments, any bond insurance,
collateral, security, letter of credit, guaranty, surety bond, or similar credit enhancement device
providing for or securing the payment of all or part of the principal of and interest on Parity
Bonds, issued by an institution that has been assigned a credit rating at the time that such
Reserve Security is provided in the two highest rating categories without regard to gradations
within those categories (i.e., AAA or AA).
(kkk) "Rule 15c2-12" means Rule 15c2-12 promulgated by the SEC under the
Securities Exchange Act of 1934, as amended.
(111) "SEC" means the United States Securities and Exchange Commission.
(mmm) "Securities Depository" means DTC, any successor thereto, any substitute
securities depository selected by the City that is qualified under applicable laws and regulations
to provide the services proposed to be provided by it, or the nominee of any of the foregoing.
(nnn) "Separate Utility System " means any water supply, sewage collection or
treatment, stormwater management, or other utility service or facilities that may be created,
acquired, or constructed by the City as provided in Section 15.
(000) "Series " means a series of the Bonds issued pursuant to this ordinance.
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2.2.a
(ppp) "Sewer System " means the sanitary sewage collection and disposal system of the
City, also referred to as the sewer utility.
(qqq) "State" means the State of Washington.
(rrr) "Stormwater System " means the stormwater management utility combined into
the Water and Sewer Utility pursuant to chapter 7.60 of the Edmonds City Code.
(sss) "System of Registration " means the system of registration for the City's bonds
and other obligations set forth in Ordinance No. 2451 of the City.
N
W
(ttt) "Tax Credit Subsidy Bond" means any bond that is designated by the City as a
"build America bond" or other type of tax credit bond, pursuant to the Code, and which is further c
designated as a "qualified bond" under Section 6431 of the Code (or under similar provisions of m
the Code providing for "direct -pay" tax credit bonds), and with respect to which the City expects
5
to receive a Tax Credit Subsidy Payment. M
(uuu) "Tax Credit Subsidy Payment" means the amounts the City expects to receive as
a tax credit payable by the United States Treasury to the City under Section 6431 of the Code (or
under similar provisions of the Code providing for "direct -pay" tax credit bonds), in respect of
any Parity Bonds.
(vvv) "Tax -Exempt Bonds " means any Series issued on a tax-exempt basis.
(www) "Term Bond" means a Bond designated as a term bond and subject to mandatory
redemption prior to maturity in the years and amounts set forth in the Bond Purchase Contract.
(xxx) "ULID" means any utility local improvement district now existing or hereafter
created for the acquisition or construction of additions, extensions, or betterments of any portion
of the Water and Sewer Utility.
(yyy) "ULID Assessments " means the assessments levied in any ULID that are pledged
to be paid into the Bond Fund, including installment payments of any assessment as well as the
interest and penalties (if any) thereon, less any prepaid assessments permitted by law to be paid
into a construction fund or account.
(zzz) "Undertaking" means the undertaking to provide continuing disclosure entered
into pursuant to Section 20.
(aaaa) "Variable Interest Rate" means a variable interest rate or rates to be borne by a
series of Future Parity Bonds or any one or more maturities within a series of Future Parity
Bonds. The method of computing such a variable interest rate (or parameters with respect
thereto) shall be specified in the Future Parity Bond Authorizing Ordinance, which shall specify
either (i) the particular period or periods of time or manner of determining such period or periods
of time for which each value of such variable interest rate shall remain in effect or (ii) the time or
times upon which any change in such variable interest rate shall become effective.
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FG: 102363683.2
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2.2.a
(bbbb) "Variable Interest Rate Bonds" means, for any period of time, Future Parity
Bonds that bear a Variable Interest Rate during that period. Future Parity Bonds the interest rate
or rates on which have been fixed for the remainder of the term thereof no longer shall be
deemed to be Variable Interest Rate Bonds.
(cccc) "Water and Sewer Utility" means the combined utility, as described in
chapter 7.60 of the Edmonds City Code, including the component Water, Sewer, and Stormwater
Systems, together with all additions thereto and betterments and extensions thereof at any time
made, and any other utility systems hereafter combined with the Water and Sewer Utility.
as
(dddd) "Water and Sewer Utility Fund" means, together, the Water Fund, the Sewer N
Fund, and the Stormwater Fund, each of which has previously been established by the City.
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(eeee) "Water System" means the system of water supply and transmission of the City, CO
also referred to as the water utility.,
Section 3. Adoption of Plan of Additions; Purpose and Authorization of the Bonds. &
(a) The City specifies, adopts, and orders the carrying out of the projects described in
Exhibit C to this ordinance, which is incorporated herein by this reference, as a system or plan of
additions to and betterments and extensions of the Water and Sewer Utility. The Plan of
Additions shall be carried out in accordance with the plans and specifications therefor prepared
by the City's engineers and consulting engineers. The City Council may modify the details of the
Plan of Additions where, in its judgment, it appears advisable if such modifications do not
substantially alter the purposes of that system or plan. The cost of the Plan of Additions,
including the cost of issuance and sale of the Bonds, shall be paid from the proceeds of the
Bonds and from other money available to the Water and Sewer Utility.
(b) The City is authorized to borrow money on the credit of the City and to issue
water and sewer revenue bonds evidencing indebtedness to provide the funds necessary (1) to
carry out the Plan of Additions, (2) to make a deposit into the Reserve Account, and (3) to pay
the costs of issuance of the Bonds. The Bonds shall be allocated to paying the respective costs of
the Plan of Additions in such order of time as the City determines is advisable and practicable.
Section 4. Description of the Bonds: Appointment of Designated Representative.
The Mayor and the Mayor's designee are each individually appointed as the Designated
Representative of the City, and each is individually authorized and directed to conduct the sale of
the Bonds in the manner and upon the terms deemed most advantageous to the City, and to
approve the Final Terms of each Series, with such additional terms and covenants as the
Designated Representative deems advisable, within the parameters set forth in Exhibit A to this
ordinance, which is incorporated herein by this reference. The Bonds may be issued in one or
more series together with or separately from the Refunding Bonds, as determined by the
Designated Representative.
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2.2.a
Section 5. Registrar; Registration and Transfer of Bonds.
(a) Registration of Bonds. Each Bond shall be issued only in registered form as to
both principal and interest and the ownership of each Bond shall be recorded on the Bond
Register.
(b) Registrar; Duties. The Fiscal Agent is appointed as initial Registrar. The
Registrar shall keep, or cause to be kept, sufficient books for the registration and transfer of the
Bonds, which shall be open to inspection by the City at all times. The Registrar is authorized, on
behalf of the City, to authenticate and deliver Bonds transferred or exchanged in accordance with
the provisions of the Bonds and this ordinance, to serve as the City's paying agent for the Bonds, N
and to carry out all of the Registrar's powers and duties under this ordinance and the System of
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Registration. The Registrar shall be responsible for its representations contained in the
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Registrar's Certificate of Authentication on each Bond. The Registrar may become an Owner
with the same rights it would have if it were not the Registrar and, to the extent permitted by law,,
may act as depository for and permit any of its officers or directors to act as members of, or in
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any other capacity with respect to, any committee formed to protect the rights of Owners.
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(c) Bond Register; Transfer and Exchange of Bonds. The Bond Register shall
contain the name and mailing address of each Registered Owner and the principal amount and
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number of each Bond held by each Registered Owner. A Bond surrendered to the Registrar may
be exchanged for a Bond or Bonds in any Authorized Denomination of an equal aggregate
principal amount and of the same Series, maturity, and interest rate. A Bond may be transferred
=
only if endorsed in the manner provided thereon and surrendered to the Registrar. Any exchange
2
or transfer shall be without cost to the Owner or transferee. The Registrar shall not be obligated
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to exchange any Bond or transfer registered ownership during the period between the applicable
Record Date and the redemption date.
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(d) Securities Depository; Book -Entry Only Form. If a Bond is to be issued in book-
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entry only form, DTC shall be appointed as initial Securities Depository and each such Bond
0
initially shall be registered in the name of Cede & Co., as the nominee of DTC. Each Bond
registered in the name of the Securities Depository shall be held fully immobilized in book -entry
only form by the Securities Depository in accordance with the provisions of the Letter of
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Representations. Registered ownership of any Bond registered in the name of the Securities
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Depository may not be transferred except: (i) to any successor Securities Depository; (ii) to any
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substitute Securities Depository appointed by the City; or (iii) to any person if the Bond is no
longer to be held in book -entry only form. Upon the resignation of the Securities Depository, or
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upon a termination of the services of the Securities Depository by the City, the City may appoint
a substitute Securities Depository. If (i) the Securities Depository resigns and the City does not
r
appoint a substitute Securities Depository, or (ii) the City terminates the services of the
a
Securities Depository, the Bonds no longer shall be held in book -entry only form and the
registered ownership of each Bond may be transferred to any person as provided in this
ordinance.
Neither the City nor the Registrar shall have any obligation to participants of any
Securities Depository or the persons for whom they act as nominees regarding accuracy of any
records maintained by the Securities Depository or its participants. Neither the City nor the
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FG: 102363683.2
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2.2.a
Registrar shall be responsible for any notice that is permitted or required to be given to the
Registered Owner of a Bond registered in the name of the Securities Depository except such
notice as is required to be given by the Registrar to the Securities Depository.
Section 6. Form and Execution of Bonds.
(a) Form of Bonds; Signatures and Seal. Each Bond shall be prepared in a form
consistent with the provisions of this ordinance and State law. Each Bond shall be signed by the
Mayor and the City Clerk, either or both of whose signatures may be manual or in facsimile, and
the seal of the City or a facsimile reproduction thereof shall be impressed or printed thereon. If
any officer whose manual or facsimile signature appears on a Bond ceases to be an officer of the
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City authorized to sign bonds before the Bond bearing his or her manual or facsimile signature is
authenticated by the Registrar, or issued or delivered by the City, that Bond nevertheless may be
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authenticated, issued, and delivered and, when authenticated, issued, and delivered, shall be as
binding on the City as though that person had continued to be an officer of the City authorized to,
sign bonds. Any Bond also may be signed on behalf of the City by any person who, on the actual
date of signing of the Bond, is an officer of the City authorized to sign bonds, although he or she
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did not hold the required office on the Issue Date.
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(b) Authentication. Only a Bond bearing a Certificate of Authentication in
substantially the following form, manually signed by the Registrar, shall be valid or obligatory
for any purpose or entitled to the benefits of this ordinance: "Certificate of Authentication. This
Bond is one of the fully registered City of Edmonds, Washington, Water and Sewer Revenue
Bonds, [Series]." The authorized signing of a Certificate of Authentication shall be conclusive
evidence that the Bond so authenticated has been duly executed, authenticated, and delivered and
is entitled to the benefits of this ordinance.
Section 7. Payment of Bonds. Principal of and interest on each Bond shall be
payable in lawful money of the United States of America. Principal of and interest on each Bond
registered in the name of the Securities Depository are payable in the manner set forth in the
Letter of Representations. Interest on each Bond not registered in the name of the Securities
Depository is payable by electronic transfer on the interest payment date, or by check or draft of
the Registrar mailed on the interest payment date to the Registered Owner at the address
appearing on the Bond Register on the Record Date. The City is not required to make electronic
transfers except pursuant to a request by a Registered Owner in writing received on or prior to
the Record Date and at the sole expense of the Registered Owner. Principal of each Bond not
registered in the name of the Securities Depository is payable upon presentation and surrender of
the Bond by the Registered Owner to the Registrar. Payment of the Bonds is not subject to
acceleration under any circumstances.
Section 8. Redemption Provisions and Open Market Purchase of Bonds.
(a) Optional Redemption. The Bonds shall be subject to redemption at the option of
the City on terms acceptable to the Designated Representative, as set forth in the Bond Purchase
Contract, consistent with the parameters set forth in Exhibit A.
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FG: 102363683.2
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2.2.a
(b) Mandatory Redemption. Each Bond that is designated as a Term Bond in the
Bond Purchase Contract, consistent with the parameters set forth in Exhibit A, shall be called for
redemption at a price equal to the stated principal amount to be redeemed, plus accrued interest,
on the dates and in the amounts as set forth in the Bond Purchase Contract. If a Term Bond is
redeemed under the optional redemption provisions, defeased, or purchased by the City and
surrendered for cancellation, the principal amount of the Term Bond so redeemed, defeased, or
purchased (irrespective of its actual redemption or purchase price) shall be credited against one
or more scheduled mandatory redemption installments for the Term Bond. The City shall
determine the manner in which the credit is to be allocated and shall notify the Registrar in
writing of its allocation prior to the earliest mandatory redemption date for the Term Bond for
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which notice of redemption has not already been given.
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(c) Selection of Bonds for Redemption; Partial Redemption. If fewer than all of the
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outstanding Bonds are to be redeemed at the option of the City, the City shall select the Series
and maturities to be redeemed. If fewer than all of the outstanding Bonds of a maturity of a
Series are to be redeemed, the Securities Depository shall select Bonds registered in the name of
the Securities Depository to be redeemed in accordance with the Letter of Representations, and
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the Registrar shall select all other Bonds to be redeemed randomly in such manner as the
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Registrar shall determine. All or a portion of the principal amount of any Bond that is to be
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redeemed may be redeemed in any Authorized Denomination. If less than all of the outstanding
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principal amount of any Bond is redeemed, upon surrender of that Bond to the Registrar, there
shall be issued to the Registered Owner, without charge, a new Bond (or Bonds, at the option of
the Registered Owner) of the same Series, maturity, and interest rate in any Authorized
=
Denomination in the aggregate principal amount to remain outstanding.
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(d) Notice of Redemption. Notice of redemption of each Bond registered in the name
of the Securities Depository shall be given in accordance with the Letter of Representations.
Notice of redemption of each other Bond, unless waived by the Registered Owner, shall be given
by the Registrar not less than 20 nor more than 60 days prior to the date fixed for redemption by
first-class mail, postage prepaid, to the Registered Owner at the address appearing on the Bond
Register on the Record Date. The requirements of the preceding sentence shall be satisfied when
notice has been mailed as so provided, whether or not it is actually received by an Owner. In
addition, the redemption notice shall be mailed or sent electronically within the same period to
the MSRB (if required under the Undertaking), to each Rating Agency, and to such other persons
and with such additional information as the Finance Director shall determine, but these
additional mailings shall not be a condition precedent to the redemption of any Bond.
(e) Rescission of Optional Redemption Notice. In the case of an optional redemption,
the notice of redemption may state that the City retains the right to rescind the redemption notice
and the redemption by giving a notice of rescission to the affected Registered Owners at any time
on or prior to the date fixed for redemption. Any notice of optional redemption that is so
rescinded shall be of no effect, and each Bond for which a notice of optional redemption has
been rescinded shall remain outstanding.
(f) Effect of Call for Redemption. Interest on each Bond called for redemption shall
cease to accrue on the date fixed for redemption, unless either the notice of optional redemption
is rescinded as provided in subsection (e) of this Section or money sufficient to effect such
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FG: 102363683.2
Packet Pg. 32
2.2.a
redemption is not on deposit in the Bond Fund or in a trust account established to refund or
defease the Bond.
(g) Purchase of Bonds. The City reserves the right to purchase any or all of the
Bonds offered to the City or in the open market at any time at any price acceptable to the City
plus accrued interest to the date of purchase.
Section 9. Failure To Pay Bonds. If the principal of any Bond is not paid when the
Bond is properly presented at its maturity date or date fixed for redemption, the City shall be
obligated to pay, from the sources pledged herein, interest on the Bond at the same rate provided
in the Bond from and after its maturity or date fixed for redemption until the Bond, both N
principal and interest, is paid in full or until sufficient money for its payment in full is on deposit
in the Bond Fund or in a trust account established to refund or defease the Bond, and the Bond C
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has been called for payment by giving notice of that call to the Registered Owner.
5
Section 10. Refunding or Defeasance of the Bonds. The City may issue refunding M
bonds pursuant to State law or use money available from any other lawful source to carry out a N
refunding or defeasance plan, which may include (a) paying when due the principal of and o
interest on any or all of the Bonds (the "defeased Bonds"); (b) redeeming the defeased Bonds
prior to their maturity; and (c) paying the costs of the refunding or defeasance. If the City sets c
aside in a special trust fund or escrow account irrevocably pledged to that redemption or
defeasance (the "trust account") money and/or Government Obligations maturing at a time or
times and bearing interest in amounts sufficient to redeem, refund, or defease the defeased Bonds =
in accordance with their terms, then all right and interest of the Owners of the defeased Bonds in 2
the covenants of this ordinance and in the funds and accounts obligated to the payment of the °i
defeased Bonds shall cease and become void. Thereafter, the Registered Owners of defeased
Bonds shall have the right to receive payment of the principal of and interest on the defeased C
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Bonds solely from the trust account and the defeased Bonds shall be deemed no longer N
outstanding. In that event, the City may apply money remaining in any fund or account (other N
than the trust account) established for the payment or redemption of the defeased Bonds to any ca
lawful purpose, subject only to the rights of the registered owners of any other Parity Bonds then
outstanding. N
Unless otherwise specified by the City in a refunding or defeasance plan, notice of
refunding or defeasance shall be given, and selection of Bonds for inclusion in a refunding or
defeasance shall be conducted, in the manner prescribed in this ordinance for the redemption of
Bonds.
Section 11. Security for the Bonds; Bond Fund.
(a) Pledge of Net Revenue. The Net Revenue and ULID Assessments are pledged
irrevocably to the payment of the Bonds, and the amounts pledged to be paid into the Bond Fund
to pay and secure the payment of the principal of and interest on the Bonds when due shall
constitute a lien and charge on the Net Revenue and ULID Assessments on a parity with the lien
and charge on the Net Revenue and ULID Assessments pledged to be paid into the Bond Fund to
pay and secure the payment of the principal of and interest on the Outstanding Parity Bonds and
any Future Parity Bonds, and prior and superior to any other liens or charges whatsoever.
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FG: 102363683.2
Packet Pg. 33
2.2.a
(b) Special Obligations. The principal of and interest on the Bonds are payable
exclusively from the Bond Fund and the Net Revenue and ULID Assessments pledged to be paid
into the Bond Fund to pay principal of and interest on the Bonds when due. The Bonds are
special obligations of the City and do not constitute an obligation of the State, either general or
special, or any political subdivision thereof other than the City. The Bonds are not general
obligations of the City and shall not constitute an indebtedness of the City within the meaning of
the State constitution. Neither the full faith and credit nor the taxing power of the City is pledged
to the payment of the Bonds. The Registered Owners shall not have any claim for the payment of
the Bonds against the City arising from the Bonds except for payment from the Bond Fund and
the Net Revenue and ULID Assessments pledged to be paid into the Bond Fund to pay principal y
of and interest on the Bonds when due. The Registered Owners shall not have any claim against N
the State arising from the Bonds.
0
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(c) Bond Fund; Deposits into the Bond Fund. The Bond Fund has been established
within the Water and Sewer Utility Fund as a special fund of the City and is to be drawn upon 5
solely for the payment of the principal of and premium, if any, and interest on Parity Bonds. The
Bond Fund is divided into two accounts: the Principal and Interest Account and the Reserve M
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Account.
The City obligates and binds itself to set aside and pay into the Bond Fund all ULID
Assessments and, out of the Net Revenue, certain fixed amounts, without regard to any fixed
proportion, namely:
(1) Into the Principal and Interest Account, before each interest payment date for the
Parity Bonds, an amount that will be sufficient, together with other money on
deposit therein, to pay the interest on the Parity Bonds due on the interest
payment date; and
(2) Into the Principal and Interest Account, before each principal payment date of the
Parity Bonds (including any mandatory redemption date), an amount that will be
sufficient, together with other money on deposit therein, to pay the principal of
the Parity Bonds due on the principal payment date (including mandatory
redemption amounts due with respect to any Term Bonds); and
(3) Into the Reserve Account, at the time and in the manner required by this
ordinance, the amount, if any, necessary to make the amount on deposit in the
Reserve Account equal to the Reserve Requirement for the Parity Bonds.
When the total amount on deposit in the Bond Fund equals the total amount of principal and
interest due for all outstanding Parity Bonds to the last maturity thereof, no further payment need
be made into the Bond Fund. The Finance Director may create sinking fund accounts or other
accounts in the Bond Fund for the payment or securing the payment of Parity Bonds as long as
the maintenance of such accounts does not conflict with the rights of the registered owners of
Parity Bonds.
(d) Reserve Account; Reserve Requirement. The City will at all times maintain on
deposit in the Reserve Account an amount equal to the Reserve Requirement, except as
otherwise expressly authorized in this subsection, until the total amount on deposit in the Bond
Fund equals the total amount of principal and interest due for all outstanding Parity Bonds to the
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FG: 102363683.2
Packet Pg. 34
2.2.a
last maturity thereof, at which time the money in the Reserve Account may be used to pay any
such principal and interest, so long as the amount remaining on deposit in the Reserve Account is
not less than the Reserve Requirement calculated based on the Parity Bonds then outstanding.
The Reserve Requirement shall be deemed satisfied by any combination of Parity Bond
proceeds, Reserve Securities, or other legally available money equal to the Reserve Requirement,
or by the deposit of available funds of the City in approximately equal annual installments so that
the Reserve Requirement is funded no later than three years after the issuance of any Future
Parity Bonds.
If there is a deficiency in the Principal and Interest Account to make the next payment of
principal of or interest on the Parity Bonds, the deficiency shall be made up from the Reserve U)
Account by the withdrawal of amounts necessary for that purpose, first, from money on deposit
in the Reserve Account, and second, from pro rata draws on each Reserve Security. Any ° m
deficiency created in the Reserve Account by reason of any such withdrawal shall be made up
from the next available of Net Revenue and ULID Assessments after making necessary provision
for the required payments into the Principal and Interest Account, first, to restore each Reserve
Security pro rata, and second, to make up any remaining deficiency.
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The City may establish a separate Reserve Requirement for any or all of the Bonds or any
Future Parity Bonds, which may be zero, and establish one or more separate reserve subaccounts
o
for any or all of the Bonds or any Future Parity Bonds. On and after the Reserve Requirement
Amendment Date, the Bonds shall not be secured by the Reserve Account.
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(e) Investment of Money in Bond Fund. All money in the Bond Fund may be kept in
cash; deposited with an institution (as permitted by law) in an amount in each institution not
°i
greater than the amount insured by any department or agency of the United States Government;
or invested in Permitted Investments maturing not later than the date when needed (for
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investments in the Principal and Interest Account) or the last maturity of any Parity Bonds then
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outstanding (for investments in the Reserve Account). Income from investments in the Principal
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and Interest Account shall be deposited into that account. Income from investments in the
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Reserve Account shall be deposited into that account until the amount on deposit therein is equal
to the Reserve Requirement, and thereafter shall be deposited into the Principal and Interest
Account or used for other Water and Sewer Utility purposes.
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(f) Action to Compel Payments. If the City fails to set aside and pay into the Bond
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Fund the amounts set forth above, the registered owner of any of the Parity Bonds then
outstanding may bring action against the City and compel the setting aside and payment.
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Section 12. Flow of Funds. All ULID Assessments shall be paid into the Bond Fund
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and the Gross Revenue shall be deposited into the Water and Sewer Utility Fund (or the a
respective system funds therein) to be used for the following purposes only in the following
order of priority:
(1) To pay Operating and Maintenance Expenses.
(2) To make when due the required payments into the Principal and Interest Account
in respect of interest on the Parity Bonds.
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FG: 102363683.2
Packet Pg. 35
2.2.a
(3)
To make when due the required payments into the Principal and Interest Account
in respect of principal of (and premium, if any, on) the Parity Bonds, whether at
maturity or pursuant to redemption prior to maturity.
(4)
To make when due all payments required to be made into the Reserve Account.
(5)
To make when due all payments required to be made under any reimbursement
agreement with a Bond Insurer in any priority not inconsistent with this
ordinance, which the City may hereafter establish by ordinance.
(6)
To make when due the required payments to be made into any revenue bond,
note, warrant, or other revenue obligation redemption fund, debt service account,
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or reserve account created to pay and secure the payment of any revenue
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obligations of the Water and Sewer Utility the payment of which is secured by a
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lien or charge on Net Revenue junior and inferior to the lien and charge on Net
00
Revenue that secure payment of the Parity Bonds.
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5
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Without priority, to retire b redemption or to purchase in the open market an
p� Y� Y p� p p Y
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Parity Bonds or junior lien obligations then outstanding, to make necessary
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betterments and replacements of or repairs, additions, or extensions to the Water
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and Sewer Utility, to make deposits into the Rate Stabilization Account, or for
any other lawful purpose.
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Section 13. Additional Covenants. The City covenants and agrees with the Registered
Owner of each Bond at any time outstanding as follows:
(a) Maintenance and Operation. The City will at all times maintain, preserve, and
keep the properties of the Water and Sewer Utility in good repair, working order, and condition,
will make all necessary and proper additions, betterments, renewals, and repairs thereto and
improvements, replacements, and extensions thereof, and will at all times operate or cause to be
operated the properties of the Water and Sewer Utility and the business in connection therewith
in an efficient manner and at a reasonable cost.
(b) Establishment and Collection of Rates and Charges. The City will establish,
maintain, and collect rates and charges for all services and facilities provided by the Water and
Sewer Utility that will be fair and nondiscriminatory. The City will adjust those rates and charges
from time to time so that: (i) the Gross Revenue will at all times be sufficient to (A) pay all
Maintenance and Operation Expenses on a current basis, (B) pay when due all amounts that the
City is obligated to pay into the Bond Fund and the accounts therein, and (C) pay all taxes (or
payments in lieu thereof), assessments, or other governmental charges lawfully imposed on the
Water and Sewer Utility and any and all other amounts that the City may now or hereafter
become obligated to pay from the Gross Revenue by law or contract; and (ii) the Adjusted Net
Revenue in each fiscal year will be not less than the Coverage Requirement.
(c) Sale or Disposition of Utility Property. The City will not sell, lease, mortgage, or
in any manner encumber or dispose of all the property of the Water and Sewer Utility unless
provision is made for payment into the Bond Fund of a sum sufficient to pay the principal of and
interest on all Parity Bonds then outstanding. Further, the City will not sell, lease, mortgage, or
in any manner encumber or dispose of (each, a "disposition") any part of the property of the
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FG: 102363683.2
Packet Pg. 36
2.2.a
Water and Sewer Utility that is used, useful, and material to the operation thereof (the "affected
portion") unless provision is made for replacement thereof or for payment into the Bond Fund of
an amount which shall bear the same ratio to the amount of Parity Bonds then outstanding (less
the amount of cash and investments in the Bond Fund and the accounts therein) as (i) the Net
Revenue from affected portion of the Water and Sewer Utility for the twelve months preceding
such disposition bears to (ii) the Net Revenue from the entire Water and Sewer Utility for the
same period. Any money paid into the Bond Fund as a result of such a disposition shall be used
to retire that proportion of Parity Bonds then outstanding at the earliest practicable date.
(d) Books and Records. The City will maintain complete books and records relating
to the operation of the Water and Sewer Utility and its financial affairs, and will cause such U)
books and records to be audited annually, and cause to be prepared an annual financial and c
operating statement, which shall be provided to any owner of Parity Bonds upon request. ° m
(e) No Free Service. Except to aid the poor or infirm, to provide for resource,
conservation, or to provide for the proper handling of hazardous materials, the City will not M
furnish or supply or permit the furnishing or supplying of any service or facility in connection ry
with the operation of the Water and Sewer Utility free of charge to any person, firm, or o
corporation, public or private, other than the City. M
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(f) Collection of Delinquent Accounts. On at least an annual basis, the City will
determine all accounts that are delinquent and will take all necessary action to enforce payment
of such accounts against those property owners whose accounts are delinquent. _
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(g) Insurance. The City will at all times carry fire and such other forms of insurance °i
on such of the buildings, equipment, facilities, and properties of the Water and Sewer Utility as
are ordinarily carried on such buildings, equipment, facilities, and properties by utilities engaged m
in the operation of similar utility systems to the full insurable value thereof, and also will carry
adequate public liability insurance at all times. The City may self -insure or participate in a joint N
intergovernmental insurance pool or similar plan, and the cost of that insurance or self-insurance ca
shall be considered a part of Operating and Maintenance Expenses.
i
(h) ULID Assessments. The City will promptly collect all ULID Assessments and =
deposit such collections into the Bond Fund to pay or secure the principal of and interest on any E
Parity Bonds without those ULID Assessments being particularly allocated to any particular w
series of Parity Bonds.
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Section 14. Rate Stabilization Account. The Rate Stabilization Account has been
previously established within the Water and Sewer Utility Fund. Deposits and withdrawals shall r
r
be made in accordance with this Section at any time up to and including the date that is 90 days a
after the end of the fiscal year for which the deposit or withdrawal will be included as Adjusted
Net Revenue for that fiscal year, as follows:
(a) Deposits into the Rate Stabilization Account. The City may at any time, as
determined by the Finance Director, consistent with the covenants contained in this ordinance,
deposit into the Rate Stabilization Account amounts of Gross Revenue and any other money
received by the Water and Sewer Utility and available to be used therefor, excluding principal
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2.2.a
proceeds of Parity Bonds or other borrowing. However, no deposit of Gross Revenue may be
made into the Rate Stabilization Account to the extent that such deposit would prevent the City
from meeting the Coverage Requirement in the relevant fiscal year.
(b) Withdrawals from the Rate Stabilization Account. The City may withdraw money
from the Rate Stabilization Account at any time upon authorization of the City Council (which
may be by motion, resolution, or ordinance) for inclusion in the Adjusted Net Revenue for any
fiscal year of the Water and Sewer Utility, except that the total amount withdrawn from the Rate
Stabilization Account in any fiscal year may not exceed the Annual Debt Service in that fiscal
year. Earnings from investments in the Rate Stabilization Account shall be deposited into that
account and shall not be included as Adjusted Net Revenue unless and until withdrawn from that U)
account.
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Section 15. Separate Utility Systems. The City may create, acquire, construct,
finance, own, and operate one or more additional systems for water supply, sewer service, water,,
sewage, or stormwater transmission or treatment, or other commodity or utility service. The
revenue of the Separate Utility System, and any utility local improvement district assessments ry
payable solely with respect to improvements to a Separate Utility System, shall not be included o
in Gross Revenue and may be pledged to the payment of revenue obligations issued to purchase, c
construct, condemn, or otherwise acquire or expand the Separate Utility System. Neither the c
Gross Revenue nor the Net Revenue may be pledged to the payment of any obligations of a
Separate Utility System, except that the Net Revenue may be pledged on a basis subordinate to
the lien on Net Revenue that secures payment of the Parity Bonds. c
Section 16. Deposit of Bond Proceeds. On the Issue Date, proceeds of the Bonds in an
amount sufficient to satisfy the Reserve Requirement shall be deposited into the Reserve
Account. The remaining proceeds of the Bonds shall be deposited into the Construction Fund
and be used to pay the costs of issuance and sale of the Bonds and the costs of carrying out the
Plan of Additions. Until needed to pay such costs, the City may invest those proceeds
temporarily in any Permitted Investment, and the investment earnings shall be retained in the
Construction Fund and used for the purposes of that fund, except that earnings subject to a
federal tax or rebate requirement (if applicable) may be withdrawn from the Construction Fund
and used for those tax or rebate purposes.
Section 17. Sale and Delivery of the Bonds; Parity Certificate.
(a) Manner of Sale of Bonds; Delivery of Bonds. The Designated Representative is
authorized to sell each Series by direct placement, negotiated sale, or competitive sale in
accordance with a notice of sale consistent with this ordinance, based on the assessment of the
Designated Representative of market conditions, in consultation with appropriate City officials
and staff, Bond Counsel, the Municipal Advisor, and other advisors. In determining the method
of sale of a Series and accepting the Final Terms, the Designated Representative shall take into
account those factors that, in the judgment of the Designated Representative, may be expected to
result in the lowest true interest cost to the City.
(b) Procedure for Direct Placement or Negotiated Sale. If the Designated
Representative determines that a Series is to be sold by direct placement or negotiated sale, the
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Designated Representative shall select one or more Purchasers with which to negotiate the sale.
The Bond Purchase Contract for each Series shall set forth the Final Terms. The Designated
Representative is authorized to execute the Bond Purchase Contract on behalf of the City, so
long as the terms provided therein are consistent with this ordinance.
(c) Procedure for Competitive Sale. If the Designated Representative determines that
a Series is to be sold by competitive sale, the Designated Representative shall cause the
preparation of an official notice of bond sale setting forth parameters for the Final Terms and any
other bid parameters that the Designated Representative deems appropriate, consistent with this
ordinance. Bids for the purchase of each Series shall be received at such time or place and by
such means as the Designated Representative directs. On the date and time established for the U)
receipt of bids, the Designated Representative (or the designee of the Designated Representative)
shall open bids and shall cause the bids to be mathematically verified. The Designated m°
Representative is authorized to award, on behalf of the City, the winning bid and accept the
winning bidder's offer to purchase the Series, with such adjustments to the aggregate principal 5
amount and principal amount per maturity as the Designated Representative deems appropriate,
consistent with this ordinance. The Designated Representative may reject any or all bids M
submitted and may waive any formality or irregularity in any bid or in the bidding process if the00
Designated Representative deems it to be in the City's best interest to do so. If all bids are c
rejected, the Series may be sold by direct placement or negotiated sale or in any manner provided o
by law as the Designated Representative determines is in the best interest of the City, consistent
with this ordinance. c
(d) Parity Certificate. At the time of issuance of the Bonds, the Designated
Representative shall cause to be executed and have on file a certificate of coverage as required
for the issuance of Future Parity Bonds under Section 19 of the 2013 Bond Ordinance,
Section 19 of the 2015 Bond Ordinance, and Section 19 of the 2020 Bond Ordinance.
(e) Preparation, Execution, and Delivery of the Bonds. The Bonds will be prepared
at City expense and will be delivered to the Purchaser in accordance with the Bond Purchase
Contract, together with the approving legal opinion of Bond Counsel regarding the Bonds.
Section 18. Parity Conditions. The City reserves the right to issue Future Parity
Bonds the payment of the principal of and interest on which are secured by a lien and charge on
the Net Revenue and ULID Assessments on a parity with the lien and charge on Net Revenue
and ULID Assessments that secure payment of the Bonds and the Outstanding Parity Bonds if
the Parity Conditions are met and complied with at the time of the issuance of the Future Parity
Bonds. Nothing contained in the Parity Conditions shall prevent the City from issuing revenue
obligations the payment of which is secured by a lien or charge on Net Revenue that is junior and
inferior to the lien and charge on Net Revenue that secure payment of the Parity Bonds, or from
pledging to pay into a bond redemption fund or account for such junior lien obligations
assessments (including interest and penalties thereon) in any utility local improvement district
that are levied to pay part or all of the cost of improvements being constructed out of the
proceeds of the sale of such junior lien obligations. Neither shall anything contained in this
ordinance prevent the City from issuing revenue obligations to refund maturing Parity Bonds for
the payment of which money is not otherwise available.
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2.2.a
Cantinn IQ Tax MnttPrc
(a) Preservation of Tax Exemption for Interest on Tax -Exempt Bonds. The City will
take all actions necessary to prevent interest on the Tax -Exempt Bonds from being included in
gross income for federal income tax purposes, and it will neither take any action nor make or
permit any use of proceeds of the Tax -Exempt Bonds (or other funds of the City treated as
proceeds of the Tax -Exempt Bonds) that will cause interest on the Tax -Exempt Bonds to be
included in gross income for federal income tax purposes. The City will, to the extent the
arbitrage rebate requirements of Section 148 of the Code are applicable to the Tax -Exempt
Bonds, take all actions necessary to comply (or to be treated as having complied) with those
requirements in connection with the Tax -Exempt Bonds.
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(b) Post -Issuance Compliance. The Finance Director is authorized and directed to C
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review and update the City's written procedures to facilitate compliance by the City with the
covenants in this Section and the applicable requirements of the Code that must be satisfied after,
the Issue Date to prevent interest on the Tax -Exempt Bonds from being included in gross income
for federal tax purposes. ry
(c) Designation of Bonds as "Qualified Tax -Exempt Obligations. " The Designated
Representative may designate one or more Series of Tax -Exempt Bonds as "qualified tax-exempt
obligations" for the purposes of Section 265(b)(3) of the Code, if the following conditions are
met:
(1) the Series of Tax -Exempt Bonds does not constitute "private activity bonds"
within the meaning of Section 141 of the Code;
(2) the reasonably anticipated amount of tax-exempt obligations (other than private
activity bonds and other obligations not required to be included in such
calculation) that the City and any entity subordinate to the City (including any
entity that the City controls, that derives its authority to issue tax-exempt
obligations from the City, or that issues tax-exempt obligations on behalf of the
City) will issue during the calendar year in which the Series of Tax -Exempt
Bonds is issued will not exceed $10,000,000; and
(3) the amount of tax-exempt obligations, including the Series of Tax -Exempt Bonds,
designated by the City as "qualified tax-exempt obligations" for the purposes of
Section 265(b)(3) of the Code during the calendar year in which the Series of
Tax -Exempt Bonds is issued does not exceed $10,000,000.
Section 20. Official Statement; Continuing Disclosure.
(a) Preliminary Official Statement Deemed Final. The Designated Representative
shall review and, if acceptable to him or her, approve the preliminary Official Statement
prepared in connection with each sale of a Series to the public or through a Purchaser as
placement agent. For the sole purpose of the Purchaser's compliance with paragraph (b)(1) of
Rule 15c2-12, if applicable, the Designated Representative is authorized to deem that
preliminary Official Statement final as of its date, except for the omission of information
permitted to be omitted by Rule 15c2-12. The City authorizes and approves the distribution to
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FG: 102363683.2
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2.2.a
potential purchasers of the Bonds of a preliminary Official Statement that has been approved by
the Designated Representative and, if applicable, deemed final, in accordance with this
subsection.
(b) Approval of Final Official Statement. The City approves the preparation of a final
Official Statement for each Series to be sold to the public or through a Purchaser as placement
agent, in the form of the preliminary Official Statement that has been approved and, if
applicable, deemed final, in accordance with subsection (a) of this Section, with such
modifications and amendments as the Designated Representative deems necessary or desirable,
and further authorizes the Designated Representative to execute and deliver such final Official
Statement to the Purchaser. The City authorizes and approves the distribution to purchasers and
potential purchasers of the Bonds of that final Official Statement so executed and delivered.
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(c) Undertaking to Provide Continuing Disclosure. If necessary to meet the
requirements of paragraph (b)(5) of Rule 15c2-12, as applicable to the Purchaser acting as a,
participating underwriter for a Series, the Designated Representative is authorized to execute a M
written undertaking to provide continuing disclosure for the benefit of holders of the Series in ry
substantially the form attached as Exhibit D to this ordinance, which is incorporated herein by o
this reference. to
Section 21. Amendatory Ordinances.
(a) This ordinance shall not be modified or amended in any respect subsequent to the
initial issuance of the Bonds, except as provided in and in accordance with and subject to the
provisions of this Section.
(b) The City, from time to time, and at any time, without the consent of or notice to
the Registered Owners, may pass amendatory ordinances as follows:
(1) To cure any formal defect, omission, inconsistency, or ambiguity in this ordinance
in a manner not adverse to the registered owner of any Parity Bonds;
(2) To impose upon the Registrar (with its consent) for the benefit of the registered
owners of the Parity Bonds any additional rights, remedies, powers, authority,
security, liabilities, or duties that may lawfully be granted, conferred, or imposed
and that are not contrary to or inconsistent with this ordinance as theretofore in
effect;
(3) To add to the covenants and agreements of, and limitations and restrictions upon,
the City in this ordinance other covenants, agreements, limitations, and
restrictions to be observed by the City that are not contrary or inconsistent with
this ordinance as theretofore in effect;
(4) To confirm, as further assurance, any pledge under, and the subjection to any
claim, lien, or pledge created or to be created by, this ordinance of any other
money, securities, or funds;
(5) To authorize different denominations of the Bonds and to make correlative
amendments and modifications to this ordinance regarding exchangeability of
Bonds of different authorized denominations, redemptions of portions of Bonds of
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2.2.a
particular authorized denominations, and similar amendments and modifications
of a technical nature;
(6) To modify, alter, amend, or supplement this ordinance in any other respect that is
not materially adverse to the registered owners of the Parity Bonds and which
does not involve a change described in subsection (c) of this Section; and
(7) Due to a change in federal law or rulings, to maintain the exclusion from gross
income of the interest on the Tax -Exempt Bonds from gross income for federal
income tax purposes.
(c) Except for any amendatory ordinance passed pursuant to subsection (b) of this
Section, subject to the terms and provisions contained in this subsection (c) and not otherwise:
(1) Registered owners of a majority in aggregate principal amount of the Parity
Bonds then outstanding shall have the right from time to time to consent to the
passage of any amendatory ordinance deemed necessary or desirable by the City
for the purpose of modifying, altering, amending, supplementing, or rescinding, in
any particular, any of the terms or provisions contained in this ordinance.
However, consent by the registered owners of all the Bonds then outstanding is
required for any amendatory ordinance authorizing: (i) a change in the times,
amounts, or currency of payment of the principal of or interest on any outstanding
Bond, or a reduction in the principal amount or redemption price of any
outstanding Bond or a change in the redemption price of any outstanding Bond or
a change in the method of determining the rate of interest thereon; (ii) a
preference or priority of any Bond or Bonds or any other Bond or Bonds; or (iii) a
reduction in the aggregate principal amount of Bonds.
(2) Any amendatory ordinance passed for any of the purposes of this subsection (c)
shall not become effective except in accordance with this paragraph (c)(2). Upon
passage of any such amendatory ordinance, the City shall cause notice of the
proposed ordinance to be given by first class United States mail to the registered
owners of the Parity Bonds then outstanding and to each Rating Agency. The
notice shall briefly describe the proposed ordinance and shall state that a copy is
available from the Finance Director for inspection. The amendatory ordinance
shall become effective in substantially the form described in the notice only if
within two years after mailing of such notice, the City has received (i) the
required consents, in writing, of the registered owners of the Parity Bonds (or of
the Bonds, as applicable) and (ii) an opinion of Bond Counsel stating that such
amendatory ordinance is permitted by this ordinance; that upon the effective date
thereof, it will be valid and binding upon the City in accordance with its terms;
and that its passage will not adversely affect the exclusion from gross income for
federal income tax purposes of interest on the Tax -Exempt Bonds.
(3) If registered owners of not less than the percentage of Parity Bonds (or Bonds, as
applicable) required by this subsection (c) have consented, no owner of the Parity
Bonds shall have any right to object to the passage of the ordinance (or to any of
the terms and provisions contained therein or the operation thereof), or in any
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2.2.a
manner to question the propriety of the passage thereof, or to enjoin or restrain the
City from passing, or from taking any action pursuant to, the same.
(d) The Registered Owner of each Bond, by taking and holding the Bond, shall be
deemed to have consented to the passage by the City of any amendatory ordinance to establish a
separate Reserve Requirement for any or all of the 2020 Bonds, the Refunding Bonds, the Bonds,
or any Future Parity Bonds, which may be zero, and to establish one or more separate reserve
subaccounts for any or all of the 2020 Bonds, the Refunding Bonds, the Bonds, or any Future
Parity Bonds.
(e) Registered owners of the Parity Bonds may be deemed to have notice of and have
consented to the passage of any amendatory ordinance so long as (1) the Parity Bond
Authorizing Ordinance includes the nature of the proposed amendatory ordinance and states that
registered owners of the Parity Bonds will be deemed to have consented to its passage and
(2) the preliminary official statement, if any, and official statement, if any, for the Parity Bonds
includes the nature of the proposed amendatory ordinance and states that registered owners of the
Parity Bonds will be deemed to have consented to its passage.
(f) An underwriter of Parity Bonds, either in its capacity as an underwriter or
remarketing agent, or as agent for or in lieu of registered owners of the Parity Bonds, may
consent to the passage of an amendatory ordinance.
(g) Upon the effective date of any amendatory ordinance passed pursuant to the
provisions of this Section, this ordinance shall be amended in accordance therewith, and the
respective rights, duties, and obligations under this ordinance of the City, the Registrar, and all
Registered Owners of Bonds then outstanding shall thereafter be determined, exercised, and
enforced under this ordinance subject in all respects to such amendments.
Section 22. Amendment of Ordinance No. 4309. Paragraph (ii) of Exhibit A of
Ordinance No. 4309 is hereby amended to read as follows (deleted language is stfU& *hFE),,
and added language is double underlined):
Each Bond shall be dated the Issue Date, which date may not be later than
one year after the effective date of this or-dinan Ordinance No.
Section 23. General Authorization and Ratification. The Designated Representative
and other appropriate officers of the City are each individually authorized to take such actions
and to execute such documents as in their judgment may be necessary or desirable to carry out
the transactions contemplated in connection with this ordinance, and to do everything necessary
for the prompt delivery of each Series to the Purchaser and for the proper application, use, and
investment of the proceeds of the Bonds. All actions taken prior to the effective date of this
ordinance in furtherance of the purposes described in this ordinance and not inconsistent with the
terms of this ordinance are ratified and confirmed in all respects.
Section 24. Severability. The provisions of this ordinance are declared to be separate
and severable. If a court of competent jurisdiction, all appeals having been exhausted or all
appeal periods having run, finds any provision of this ordinance to be invalid or unenforceable as
to any person or circumstance, such offending provision shall, if feasible, be deemed to be
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2.2.a
modified to be within the limits of enforceability or validity. However, if the offending provision
cannot be so modified, it shall be null and void with respect to the particular person or
circumstance, and all other provisions of this ordinance in all other respects, and the offending
provision with respect to all other persons and all other circumstances, shall remain valid and
enforceable.
Section 25. Effective Date of Ordinance. This ordinance shall take effect and be in
force from and after its passage and five days following its publication as required by law and is
not subject to referendum.
PASSED by the City Council and APPROVED by the Mayor of the City of Edmonds,
Washington, at an open public meeting thereof, this day of 92024.
ATTEST:
City Clerk
APPROVED AS TO FORM:
FOSTER GARVEY P.C.
Bond Counsel
Filed with the City Clerk:
Passed by the City Council:
Published:
Effective Date:
Mayor
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2.2.a
Exhibit A
PARAMETERS FOR FINAL TERMS OF THE BONDS
(i) Principal Amount. The Bonds may be issued in one or more Series and shall
not exceed the aggregate principal amount of $13,000,000.
(ii) Date or Dates. Each Bond shall be dated the Issue Date, which date may
not be later than one year after the effective date of this
ordinance.
(iii) Denominations, Name. The Bonds shall be issued in Authorized Denominations
and shall be numbered separately in the manner and shall
bear any name and additional designation as deemed
necessary or appropriate by the Designated Representative.
(iv) Interest Rates. Each Bond shall bear interest at a fixed rate per annum
(computed on the basis of a 360-day year of twelve 30-day
months) from the Issue Date or from the most recent date
for which interest has been paid or duly provided for,
whichever is later. One or more rates of interest may be
fixed for the Bonds. No rate of interest for any Bond may
exceed 5.50%, and the true interest cost to the City for each
Series may not exceed 5.25%.
(v) Payment Dates. Interest shall be payable semiannually on dates acceptable
to the Designated Representative, commencing no later
than one year following the Issue Date. Principal payments
shall commence on a date acceptable to the Designated
Representative and shall be payable at maturity or in
mandatory redemption installments on dates acceptable to
the Designated Representative.
(vi) Final Maturity. Each Series shall mature no later than 21 years after the
Issue Date.
(vii) Redemption Rights. The Designated Representative may approve in the Bond
Purchase Contract provisions for the optional and
mandatory redemption of Bonds, subject to the following:
(1) Optional Redemption. Any Bond may be
designated as being (A) subject to redemption at the
option of the City prior to its maturity date on the
dates and at the prices set forth in the Bond
Purchase Contract; or (B) not subject to redemption
prior to its maturity date. If a Bond is subject to
optional redemption prior to its maturity, it must be
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Exhibit A
2.2.a
first subject to such redemption on a date that is not
more than 101/2 years after the Issue Date.
(2) Mandatory Redemption. Any Bond may be
designated as a Term Bond, subject to mandatory
redemption prior to its maturity on the dates and in
the amounts set forth in the Bond Purchase
Contract.
(viii) Price. The purchase price for each Series may not be less than
95% or more than 135% of the stated principal amount of
the Series.
(ix) Other Terms. The Designated Representative may determine the
following:
(1) Tax Status. Any or all of the Bonds may be
designated as Tax -Exempt Bonds.
(2) Credit Enhancement. If determined to be in the best
interest of the City, bond insurance or other credit
enhancement may be provided for any or all of the
Bonds, and the Designated Representative may
accept such additional terms, conditions, and
covenants determined to be in the best interest of
the City, consistent with this ordinance.
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2.2.a
Exhibit B
PARITY CONDITIONS FOR ISSUANCE OF FUTURE PARITY BONDS
The City may issue Future Parity Bonds the payment of the principal of and interest on
which is secured by a lien and charge on Net Revenue and ULID Assessments on a parity with
the lien and charge on Net Revenue and ULID Assessments that secure payment of the principal
of and interest on the Bonds if and only if the following conditions are met and complied with at
the time of issuance of the Future Parity Bonds:
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(a) There may not be any deficiency in the Principal and Interest Account or the N
Reserve Account of the Bond Fund.
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(b) The Future Parity Bond Authorizing Ordinance must require that all ULID 00
Assessments levied in connection with the Future Parity Bonds be paid directly into the Bond
Fund.
(c) The Future Parity Bond Authorizing Ordinance must provide for the payment of
the principal thereof and interest thereon out of the Bond Fund.
(d) The Future Parity Bond Authorizing Ordinance must provide for the deposit into
the Reserve Account of amounts, if any, necessary to comply with the Reserve Requirement and
Section 11.
(e) The City must have on file either:
(1) A certificate from an Independent Utility Consultant showing that, in his or her
professional opinion, the annual Net Revenue available for debt service on the
Parity Bonds then outstanding and the Future Parity Bonds proposed to be issued
shall, for each year, be at least equal to the Coverage Requirement. In making such
certification, the Net Revenue for any 12 consecutive calendar months out of the
immediately preceding 24 consecutive months shall be used, and the following
adjustments may be made to the historical Net Revenue:
(i) Any rate change that has taken place or been approved, may be reflected;
(ii) Revenue may be added from customers actually added to the Water and Sewer
Utility subsequent to the 12-month period;
(iii) Revenue may be added from customers to be served by the improvements
being constructed out of the proceeds of the Future Parity Bonds to be issued;
(iv) A full year's revenue may be included from any customer being served, but
who has not been receiving service for the full 12-month period; and
(v) Actual or reasonably anticipated changes to the Operating and Maintenance
Expenses subsequent to the 12-month period shall be added or deducted, as
applicable; or
FG: 102363683.2
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2.2.a
Exhibit B
(2) A certificate of the Finance Director showing that, in his or her professional
opinion, the annual Net Revenue available for debt service on the Parity Bonds
then outstanding and the Future Parity Bonds proposed to be issued shall, for each
year, be at least equal to the Coverage Requirement. In making such certification,
the Finance Director shall assume that (A) the proposed Future Parity Bonds will
remain outstanding to their scheduled maturities and (B) any Parity Bonds to be
refunded by the Future Parity Bonds are not outstanding. The Finance Director
shall not make any of the adjustments referred to above.
However, if the Future Parity Bonds are being issued for the sole purpose of refunding
Parity Bonds then outstanding (including paying costs of issuance and providing for the
U)
Reserve Requirement), no coverage certification is required if, as result of the issuance of
those Future Parity Bonds, (a) in each year that the Future Parity Bonds are scheduled to
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remain outstanding, the Annual Debt Service on the Future Parity Bonds to be issued is
not increased by more than $5,000 over the Annual Debt Service for that year of the
5
Parity Bonds being refunded, and (b) the final maturity of the Future Parity Bonds to be
issued is not more than one year after the Parity Bonds being refunded. In addition, no
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coverage certification is required if the aggregate principal amount of the Future ParityCO
Bonds being issued does not exceed the aggregate amount of ULID Assessments levied
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in connection with the issuance of the Future Parity Bonds by more than $5,000 plus any
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amount of the proceeds of such Future Parity Bonds deposited into the Reserve Account.
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2.2.a
Exhibit C
DESCRIPTION OF PLAN OF ADDITIONS
The planned additions and betterments to the Water and Sewer Utility consist of those set forth
in the City's Capital Improvement Program, as it may be amended from time to time by the City
Council (the "CIP"). A summary of the improvements expected to be financed, in whole or in
part, with proceeds of the Bonds is as follows:
Stormwater
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• Phase 4, 5, 6, and 7 Annual Stormwater replacement and rehabilitation projects for repair
and replacement of stormwater pipe and related appurtenances due to age and undesirable m°
pipe material and a need to improve conveyance.
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• Stormwater Fund Contribution to Transportation Projects that include storm drainage
infrastructure replacement and rehabilitation. ry
Water
• Yost and Seaview Reservoir Repairs and Upgrades for needed maintenance and structural
upgrades to the 1.5 Million Gallon underground drinking water reservoir located in Yost
Park and the 1.5 Million Gallon underground drinking water reservoir located in the
Seaview Neighborhood.
• Phase 14, 15, 16, and 17 Annual Water Main replacement projects for repair and
replacement of water mains and related appurtenances due to age and undesirable pipe
material and a need to improve flows.
• Water Fund Contribution to Transportation Projects that include water infrastructure for
replacement and rehabilitation.
C-1
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2.2.a
Exhibit D
Form of
UNDERTAKING TO PROVIDE CONTINUING DISCLOSURE
City of Edmonds, Washington
Water and Sewer Revenue Bonds, [Series]
The City of Edmonds, Washington (the "City"), makes the following written Undertaking
for the benefit of the holders of the above -referenced bonds (the "Bonds"), for the sole purpose
of assisting the Purchaser in meeting the requirements of paragraph (b)(5) of Rule 15c2-12, as
applicable to a participating underwriter for the Bonds. Capitalized terms used but not defined N
below shall have the meanings given in Ordinance No. of the City.
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(a) Undertaking to Provide Annual Financial Information and Notice of Listed 00
Events. The City undertakes to provide or cause to be provided, either directly or through a
designated agent, to the MSRB, in an electronic format as prescribed by the MSRB,
accompanied by identifying information as prescribed by the MSRB: N
(i) Annual financial information and operating data of the type included in
the final official statement for the Bonds, as described in paragraph (b)(i)
("annual financial information");
(ii) Timely notice (not in excess of 10 business days after the occurrence of
the event) of the occurrence of any of the following events with respect to
the Bonds: (1) principal and interest payment delinquencies; (2) non-
payment related defaults, if material; (3) unscheduled draws on debt
service reserves reflecting financial difficulties; (4) unscheduled draws on
credit enhancements reflecting financial difficulties; (5) substitution of
credit or liquidity providers, or their failure to perform; (6) adverse tax
opinions, the issuance by the Internal Revenue Service of proposed or
final determinations of taxability, Notice of Proposed Issue (IRS
Form 5701 — TEB) or other material notices or determinations with
respect to the tax status of the Bonds, or other material events affecting the
tax status of the Bonds; (7) modifications to rights of holders of the Bonds,
if material; (8) bond calls (other than scheduled mandatory redemptions of
Term Bonds), if material, and tender offers; (9) defeasances; (10) release,
substitution, or sale of property securing repayment of the Bonds, if
material; (11) rating changes; (12) bankruptcy, insolvency, receivership,
or similar event of the City, as such "bankruptcy events" are defined in
Rule 15c2-12; (13) the consummation of a merger, consolidation, or
acquisition involving the City or the sale of all or substantially all of the
assets of the City other than in the ordinary course of business, the entry
into a definitive agreement to undertake such an action or the termination
of a definitive agreement relating to any such actions, other than pursuant
to its terms, if material; (14) appointment of a successor or additional
trustee or the change of name of a trustee, if material, (15) incurrence of a
financial obligation of the City or obligated person, if material, or
D-1
FG: 102363683.2
Packet Pg. 50
2.2.a
Exhibit D
agreement to covenants, events of default, remedies, priority rights, or
other similar terms of a financial obligation of the City or obligated
person, any of which affect security holders, if material; and (16) default,
event of acceleration, termination event, modification of terms, or other
similar events under the terms of the financial obligation of the City or
obligated person, any of which reflect financial difficulties. The term
"financial obligation" means a (A) debt obligation; (B) derivative
instrument entered into in connection with, or pledged as security or a
source of payment for, an existing or planned debt obligation; or
(C) guarantee of (A) or (B). The term "financial obligation" shall not y
include municipal securities as to which a final official statement has been N
provided to the MSRB consistent with Rule 15c2-12.
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(iii) Timely notice of a failure by the City to provide the required annual
financial information described in paragraph (b)(i) on or before the date 5
specified in paragraph (b)(ii).
(b) Type of Annual Financial Information Undertaken to be Provided. The annual
financial information that the City undertakes to provide in paragraph (a):
(i) Shall consist of (1) annual financial statements prepared (except as noted
in the financial statements) in accordance with generally accepted
accounting principles applicable to local governmental units of the State
such as the City, as such principles may be changed from time to time;
(2) annual operating statistics for each of the component utility systems, as
follows: number of customer accounts, a statement of gross and net
revenues, total annual water consumption, and average daily water
consumption; (3) monthly or bi-monthly rates and charges for each of the
component utility systems; and (4) a statement of the coverage ratio for
the fiscal year;
(ii) Shall be provided not later than the last day of the ninth month after the
end of each fiscal year of the City (currently, a fiscal year ending
December 31), as such fiscal year may be changed as required or
permitted by State law, commencing with the City's fiscal year ending
December 31, ; and
(iii) May be provided in a single or multiple documents, and may be
incorporated by specific reference to documents available to the public on
the Internet website of the MSRB or filed with the SEC.
If not submitted as part of the annual financial information described in paragraph (b)(i)
above, the City will provide or cause to be provided to the MSRB audited financial statements,
when and if available.
(c) Amendment of Undertaking. This Undertaking is subject to amendment after the
primary offering of the Bonds without the consent of any holder of any Bond, or of any broker,
D-2
FG: 102363683.2
Packet Pg. 51
2.2.a
Exhibit D
dealer, municipal securities dealer, participating underwriter, rating agency or the MSRB, under
the circumstances and in the manner permitted by Rule 15c2-12. The City will give notice to the
MSRB of the substance (or provide a copy) of any amendment to the Undertaking and a brief
statement of the reasons for the amendment. If the amendment changes the type of annual
financial information to be provided, the annual financial information containing the amended
financial information will include a narrative explanation of the effect of that change on the type
of information to be provided.
(d) Beneficiaries. This Undertaking shall inure to the benefit of the City and the
holder of each Bond, and shall not inure to the benefit of or create any rights in any other person.
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(e) Termination of Undertaking. The City's obligations under this Undertaking shall
terminate upon the legal defeasance of all of the Bonds. In addition, the City's obligations under C
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this Undertaking shall terminate if those provisions of Rule 15c2-12 which require the City to
comply with this Undertaking become legally inapplicable in respect of the Bonds for any,
reason, as confirmed by an opinion of Bond Counsel delivered to the City, and the City provides M
timely notice of such termination to the MSRB. ry
(f) Remedy for Failure to Comply with Undertaking. As soon as practicable after the
City learns of any failure to comply with the Undertaking, the City will proceed with due
diligence to cause such noncompliance to be corrected. No failure by the City or other obligated
person to comply with the Undertaking shall constitute a default in respect of the Bonds. The
sole remedy of any holder of a Bond shall be to take action to compel the City or other obligated
person to comply with this Undertaking, including seeking an order of specific performance from
an appropriate court.
(g) Designation of Official Responsible to Administer Undertaking. The Finance
Director of the City or his or her designee is authorized to take such further actions as may be
necessary, appropriate or convenient to carry out this Undertaking in accordance with
Rule 15c2-12, including the following actions:
(i) Preparing and filing the annual financial information undertaken to be
provided;
(ii) Determining whether any event specified in paragraph (a) has occurred,
assessing its materiality, where necessary, with respect to the Bonds, and
preparing and disseminating any required notice of its occurrence;
(iii) Determining whether any person other than the City is an "obligated
person" within the meaning of Rule 15c2-12 with respect to the Bonds,
and obtaining from such person an undertaking to provide any annual
financial information and notice of listed events for that person in
accordance with Rule 15c2-12;
(iv) Selecting, engaging and compensating designated agents and consultants,
including but not limited to municipal advisors and legal counsel, to assist
and advise the City in carrying out the Undertaking; and
D-3
FG: 102363683.2
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2.2.a
Exhibit D
(v) Effecting any necessary amendment of the Undertaking.
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FG: 102363683.2
Packet Pg. 53
2.2.a
CERTIFICATION
I, the undersigned, City Clerk of the City of Edmonds, Washington (the "City"), hereby
certify as follows:
1. The attached copy of Ordinance No. (the "Ordinance") is a full, true and
correct copy of an ordinance duly passed at a regular meeting of the City Council of the City
held at the regular meeting place thereof on , 2024, as that ordinance appears on the
minute book of the City;
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2. The Ordinance will be in full force and effect five days after publication in the
City's official newspaper, which publication date is expected to be , 2024; and c
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3. A quorum of the members of the City Council was present throughout the
meeting and a majority of its members voted in the proper manner for the passage of the
Ordinance.
Dated: , 2024.
CITY OF EDMONDS, WASHINGTON
City Clerk
FG: 102363683.2
Packet Pg. 54
2.3
City Council Agenda Item
Meeting Date: 05/14/2024
March 2024 Quarterly Financial Report
Staff Lead: Kimberly Dunscombe
Department: Administrative Services
Preparer: Sarah Mager
Background/History
The March Monthly report adheres to the old format style with one notable exception found on the first
page of the report. However, starting with April's Monthly Report submission, we will be transitioning
to the new Monthly Report format. The updated layout reflects our commitment to clarity and
efficiency. The April report will be uploaded to the May 14th Finance Committee Agenda on Monday,
May 13th, as previously agreed upon with Council Committee Members.
Staff Recommendation
Review and move to full council to be received for filing.
Narrative
March 2024 Monthly Financial Report
Attachments:
March 2024 Quarterly Financial Report
Packet Pg. 55
I 2.3.a I
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CITY OF EDMONDS
QUARTERLY BUDGETARY FINANCIAL REPORT
MARCH 2O24
Packet Pg. 56 1
I 2.3.a I
City of Edmonds
All Funds Financial Summary
As of March 31, 2024
Beginning Fund Revenues / Expenditures / Revenues less Ending Fund
Fund Balance Sources Uses Expenditures Balance Cash Balance Restricted Cas
Governmental
001 General Fund
009 LEOFF Medical Insurance Reserve
012 Contingency Reserve
014 Historic Sub -Fund
016 Building Maintenance
017 Marsh Restoration
018 Homeless Response
019 Opioid Response
Total General Funds
Special Revenue Funds
104 Drug Enforcement
111 Street
112 Street Construction
117 Municipal Arts
120 Hotel / Motel
121 Employee Parking
122 Youth Scholarship
123 Tourism Promotion
125 REET 2
126 REET 1
127 Gifts Catalog
130 Cemetery Maintenance
137 Cemetery Trust
138 Sister City
140 Business Improvement
141 Affordable Housing
142 Edmonds Rescue
143 Tree Fund
Capital Projects
Debt Service
Enterprise Funds
411 Combined Utility Operation
421 Water Utility
422 Storm Water Utility
423 Sewer/ Wastewater Treatment Plar
424 Bond Reserve Fund
Internal Service Funds
511 Equipment Rental
512 Technology Rental
All Funds
2,528,750
10,340,314
12,078,289
(1,737,976)
790,775
(5,348,762)
3,045,81
139,774
-
103,165
(103,165)
36,609
45,588
-
2,228,672
-
2,228,672
2,228,672
8,944
-
4,385
(4,385)
4,559
4,559
3,756,168
27,198
628,982
(601, 783)
3,154, 384
3,208,456
853,595
300
-
300
853,895
853,895
200,000
-
-
200,000
200,000
74,119
129,556
-
129,556
203,675
203,675
9,790,022
10,497,368
12,814,821
(2,317,453)
7,472,569
1,396,082
3,045,81
O
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40,843
749
-
749
41,592
41,067
-
4,701
338,796
700,918
(362,122)
(357,421)
(480,960)
2,734,808
1,062,235
1,061,720
516
2,735,324
1,790,426
C
657,265
23,035
3,299
19,735
677,001
668,516
ca
C
151,247
26,090
15,592
10,498
161,745
143,881
LL
83,814
12,223
-
12,223
96,038
94,960
1
i
17,868
327
75
252
18,120
17,891
d
138,157
10,298
800
9,498
147,655
140,688
3
1,992,459
307,630
121,202
186,428
2,178, 887
2,205,981
(Y
3,957,800
342,810
84,400
258,410
4,216,209
4,163,149
N
3,140, 448
152,945
78,059
74,886
3,215,334
3,175, 366
N
196,245
28,129
49,876
(21, 747)
174,497
172,075
t
1,212,121
24,999
-
24,999
1,237,120
1,221,539
i
18,681
343
80
263
18,944
18,700
ca
37,682
31,317
12,192
19,125
56,808
56,808
309,127
19,441
-
19,441
328,567
320,171
O
36,932
2,752,376
2,751,126
1,250
38,182
4,150,722
C
222,354
4,133
-
4,133
226,487
223,308
139,615
52,311
921
51,390
191,005
180,560
-
350
-
350
350
-
O
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-
41,775
-
41,775
41,775
97,148
-
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9,601,886
2,877,629
1,679,136
1,198, 494
10, 800, 380
9,879,334
915,93
>,
6,983,494
2,256,265
1,188,252
1,068,014
8,051,507
7,094,170
500,96
y
14,404,202
4,343,737
3,520,725
823,013
15,227,215
15,224,384
1,020,21
843,961
6,595
-
6,595
850,555
8,041
842,51
d
le
10, 991, 937
700,004
468,818
231,186
11, 223,123
5,421,897
-
G
840,365
544,701
638,146
(93, 445)
746,920
349,952
N
68,548,032
26,458,612
25,190,157
1,268,455
69,816,487
57,775,856
6,325,44
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I 2.3.a I
GENERAL FUND SUMMARY
General Fund Revenues and Expenses (Rolling 24 months)
— — — General Fund Revenues General Fund Expenses
10,000,000
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000, 000 — —
2,000,000
1,000,000
April July October January April July October January
12,000, 000
10,000, 000
8,000,000
6,000,000
4,000,000
2,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
General Fund Tax Revenue (2018 through 2023)
— — — Sa les Tax Property Tax - — EMS Tax Other Taxes
2018 2019 2020 2021 2022 1 2023
General Fund Tax Revenue (2024 YTD)
05,328
$2,378,463
5826.875
$316,464
Sales Tax Property Tax EMS Tax Other Taxes
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Packet Pg. 58
I 2.3.a I
City of Edmonds, WA
Monthly Revenue Summary -General Fund
2024
General Fund
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $ 2,694,178 $ 2,694,178 $ 2,532,339 $ 2,532,339 -6.01%
February 5,378,399 2,684,221 3,801,618 6,333,957 17.77%
March 8,181,280 2,802,881 4,006,356 10,340,314 26.39%
April 12,781,850 4,600,570
May 21,740,062 8,958,212
June 24,413,196 2,673,134
July 27,378,229 2,965,032
August 30,704,653 3,326,424
September 33,474,077 2,769,425
October 39,000,762 5,526,685
November 47,807,219 8,806,457
December 51,056,792 3,249,573
City of Edmonds, WA
Monthly Revenue Summary -Real Estate Excise Tax
2024
Real Estate Excise Tax 1 & 2
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
225,388 $
225,388 $ 158,734 $ 158,734-29.57%
February
376,297
150,909 141,173 299,908-20.30%
March
569,768
193,471 237,275 537,183 -5.72%
April
775,427
205,659
May
1,036,020
260,593
June
1,293,139
257,119
July
1,573,012
279,874
August
1,849,679
276,667
September
2,151,102
301,423
October
2,420,735
269,633
November
2,687,175
266,440
December
3,000,000
312,825
Real Estate Excise Tax 1 & 2
2,700,000
2,100,000
900,000
600,000
300,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
�Cutrent Year -Budget Prior Year
*The monthly budget forecast columns are based on a five-year average.
3
Packet Pg. 59
SALES TAX SUMMARY
I 2.3.a I
Construction Trade, _
$412,940
Accommodation, _
$11,780
Clothing and
Accessories, $88,720 _
Communications,
$64,922
Wholesale Trade,
$94,430
14,000,000
12,000, 000
10,000,000
8,000,000
6,000, 000
4,000, 000
2,000, 000
0
Sales Tax Analysis By Category
Current Period: March 2024
Year -to -Date
Total $2,905,328
Automotive Repair, Amusement &
$68,099 Recreation, $27,074
Health & Personal
\re, $16,569 � Business Services,
$317,399 Gasoline, $0
Misc Retail, $588,711
Retail Automotive,
1,._$677,480
Food Stores,
$99,529
■ Manufacturing, $28,544
Others, $76,602 Eating & Drinking,
$332,530
Annual Sales Tax Revenue
$11,257,927 $11,614,826
$10,302,518 _
296 $8,452,715 $8,317,046
T
2018 2019 2020 2021 2022 2023 YTD 2024
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City of Edmonds, WA
Monthly Revenue Summary -Sales and Use Tax
2024
Sales and Use Tax
Cumulative Monthly
Budget Forecast Budget Forecast
Monthly
Actuals
YTD
Actuals
Variance
%
January
$ 956,967 $
956,967 $
975,066
$ 975,066
1.89%
February
2,084,047
1,127,080
1,059,532
2,034,598
-2.37%
March
2,987,849
903,802
870,730
2,905,328
-2.76%
April
3,814,928
827,079
May
4,821,039
1,006,111
June
5,796,759
975,721
July
6,836,449
1,039,690
August
7,953,072
1,116,623
September
8,995,564
1,042,491
October
10,116,626
1,121,062
November
11,238,239
1,121,613
December
12,300,000
1,061,761
Sales and Use Tax
11,000,000
10,000,000
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,0--
1,000,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Current Year Budget Prior Year
City of Edmonds, WA
Monthly Revenue Summary -Real Personal/Property Tax
2024
Real Personal/Property Tax
Cumulative
Monthly
Monthly
YTD
Variance
Budget Forecast Budget Forecast
Actuals
Actuals
%
January
$ 28,172 $
28,172 $
15,003
$ 15,003
-46.75%
February
156,833
128,661
265,415
280,418
78.80%
March
877,571
720,738
546,457
826,875
-5.78%
April
5,200,702
4,323,131
May
6,113,323
912,621
June
6,167,757
54,434
July
6,192,819
25,062
August
6,247,276
54,457
September
6,423,953
176,676
October
10,550,884
4,126,931
November
11,287,789
736,905
December
11,327,000
39,211
Real Personal/Property Tax
12,000,000
11,000,000
10,000,000
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
-Current Year -Budget -Prior Year
*The monthly budget forecast columns are based on a five-year average.
5
Packet Pg. 61
I 2.3.a I
City of Edmonds, WA
Monthly Revenue Summary -Water Utility Tax
2024
Water Utility Tax
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
90,844 $
90,844 $ 92,691 92,691 2.03%
February
154,355
63,511 62,177 154,868 0.33%
March
244,152
89,797 90,963 245,831 0.69%
April
304,356
60,204
May
393,634
89,278
June
463,947
70,313
July
573,149
109,202
August
666,476
93,327
September
791,033
124,557
October
881,630
90,597
November
983,292
101,662
December
1,047,289
63,997
Water Utility Tax
1,100,000
1,000,000
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Current Year -Budget - Prior Year
City of Edmonds, WA
Monthly Revenue Summary -Sewer Utility Tax
2024
Sewer Utility Tax
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January 5 101,297 $ 101,297 $ 101,472 $ 101,472 0.17%
February 185,730 84,433 84,516 185,988 0.14%
March 286,530 100,799 101,250 287,238 0.25%
April 371,027 84,497
May 472,427 101,400
June 557,139 84,712
July 659,773 102,634
August 744,838 85,065
September 850,226 105,388
October 936,127 85,902
November 1,039,506 103,379
December 1,123,814 84,308
Sewer Utility Tax
11,100,000
900,000
800,000 '
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
-CurrentYear -Budget � Prior Year
*The monthly budget forecast columns are based on a five-year average.
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City of Edmonds, WA
Monthly Revenue Summary -Meter Water Sales
2024
Meter Water Sales
Cumulative
Monthly
Monthly
YTD
Variance
Budget Forecast Budget Forecast
Actuals
Actuals
%
January
$ 907,961 $
907,961 $
927,056
$ 927,056
2.10%
February
1,542,839
634,878
621,940
1,548,996
0.40%
March
2,440,331
897,492
909,697
2,458,693
0.75%
April
3,042,049
601,718
May
3,934,362
892,313
June
4,637,093
702,731
July
5,733,149
1,096,056
August
6,665,886
932,738
September
7,911,002
1,245,116
October
8,816,518
905,516
November
9,832,625
1,016,107
December
10,472,890
640,265
City of Edmonds, WA
Monthly Revenue Summary -Storm Water Sales
2024
Storm Water Sales
Cumulative Monthly
Budget Forecast Budget Forecast
Monthly
Actuals
YTD
Actuals
Variance
%
January
$ 493,589 $
493,589 $
474,260
$ 474,260
-3.92%
February
1,573,695
1,080,106
1,031,693
1,505,952
-4.30%
March
2,071,892
498,197
474,260
1,980,212
-4.42%
April
2,515,478
443,586
May
3,014,352
498,874
June
3,458,035
443,682
July
3,948,598
490,563
August
5,030,812
1,082,214
September
5,530,169
499,357
October
5,974,369
444,200
November
6,473,743
499,375
December
6,901,960
428,217
Storm Rater Sales
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Current Year Budget —Prior Year
*The monthly budget forecast columns are based on a five-year average.
7
Packet Pg. 63
I 2.3.a I
City of'Edmonds, WA
Monthly Revenue Summary-Unmeter Sewer Sales
2024
Unmeter Sewer Sales
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $ 1,013,537 $ 1,013,537 $ 1,015,482 $ 1,015,482 0.19%
February 1,857,511 843,974 844,792 1,860,273 0.15%
March 2,866,119 1,008,607 1,013,271 2,873,545 0.26%
April 3,710,735 844,616
May 4,725,346 1,014,611
June 5,572,110 846,764
July 6,598,121 1,026,011
August 7,448,415 850,294
September 8,502,903 1,054,488
October 9,361,565 858,662
November 10,395,964 1,034,399
December 11,238,143 842,179
Unmeter Sewer Sales
111,000,000
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
� Current Year � Budget � Prior Year
*The monthly budget forecast columns are based on a five-year average.
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City of Edmonds, WA
Monthly Expenditure Report -General Fund
2024
General Nand
Cumulative Monthly
Budget Forecast Budget Forecast
Monthly
Actuals
YTD
Actuals
Variance
%
January
$ 4,809,938
$ 4,809,938 $
4,652,570
$ 4,652,570
-3.27%
February
8,929,454
4,119,516
3,706,872
8,359,442
-6.38%
March
12,949,647
4,020,193
3,718,847
12,078,289
-6.73%
April
16, 605,531
3,655,883
May
20,680,817
4,075,286
June
25,263,927
4,583,110
July
29,265,836
4,001,909
August
33,410,940
4,145,104
September
37,568,223
4,157,283
October
41,684,206
4,115,983
November
46,834,850
5,150,644
December
51,892,793
5,057,943
City of Edmonds, WA
Monthly Expenditure Report -Non -Departmental
2024
Non -Departmental
Cumulative
Monthly
Monthly
YTD
Variance
Budget Forecast Budget Forecast
Actuals
Actuals
%
January
$ 926,027 $
926,027 $
1,244,387
$ 1,244,387
34.38%
February
1,489,596
563,569
221,547
1,465,934
-1.59%
March
2,012,000
522,404
285,014
1,750,948
-12.97%
April
2,395,260
383,260
May
2,923,480
528,220
June
3,677,256
753,776
July
4,126,291
449,035
August
4,662,507
536,216
September
5,123,698
461,191
October
5,544,111
420,414
November
6,294,725
750,614
December
6,857,495
562,770
*The monthly budget forecast columns are based on a five-year average.
0
Packet Pg. 65 1
I 2.3.a I
City of Edmonds, WA
Monthly Expenditure Report -City Council
2024
City Council
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
34,240 $
34,240 $
February
71,153
36,913
March
112,189
41,036
April
150,403
38,214
May
193,081
42,678
June
234,428
41,347
July
275,019
40,591
August
316,493
41,474
September
357,868
41,375
October
394,551
36,684
November
435,285
40,734
December
479,286
44,001
40,574 $ 40,574 18.50%
54,006 94,579 32.92%
35,007 129,587 15.51%
City of Edmonds, WA
Monthly Expenditure Report -Office of Mayor
2024
Office of Mayor
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
40,561 $
40,561 $
February
82,159
41,598
March
124,596
42,436
April
165,441
40,846
May
205,791
40,350
June
245,843
40,052
July
287,251
41,408
August
327,468
40,217
September
367,326
39,858
October
406,988
39,662
November
449,726
42,738
December
490,875
41,149
33,901 $ 33,901-16.42%
35,511 69,412-15.52%
36,798 106,210-14.76%
Office of Mayor
500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
]00,000
50,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Current Year -Budget Prior Year
*The monthly budget forecast columns are based on a five-year average.
10
Packet Pg. 66 1
I 2.3.a I
City of Edmonds, WA
Monthly Expenditure Report -Human Resources
2024
Human Resources
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $ 110,919 $ 110,919 $ 129,960 $ 129,960 17.17%
February 206,083 95,165 103,533 233,493 13.30%
March 293,020 86,937 100,807 334,300 14.09%
April 385,026 92,006
May 477,507 92,481
June 609,764 132,257
July 691,435 81,671
August 781,445 90,009
September 882,461 101,016
October 976,331 93,870
November 1,084,356 108,025
December 1,222,438 138,082
Human Resources
1,300,000
1,200,000
1,100,000
1,000,000
900,000
800,000
700,000
600,000
500,000
400,000
300 000
20Q000
100,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Current Year -Budget Prior Year
City of Edmonds, WA
Monthly Expenditure Report -Municipal Court
2024
Municipal Court
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $ 133,120 $ 133,120 $ 136,698 $ 136,698 2.69%
February 268,761 135,641 143,646 280,344 4.31%
March 408,462 139,701 138,149 418,493 2.46%
April 549,323 140,861
May 702,755 153,432
June 841,629 138,874
July 987,720 146,091
August 1,144,145 156,425
September 1,291,990 147,845
October 1,441,979 149,989
November 1,629,476 187,497
December 1,811,176 181,700
*The monthly budget forecast columns are based on a five-year average.
11
Packet Pg. 67
I 2.3.a I
City of Edmonds, WA
Monthly Expenditure Report -Community Services/Economic Development
2024
Community Services/Economic Development
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $ 70,938 $ 70,938 $ 84,711 $ 84,711 19.42%
February 150,629 79,691 85,764 170,475 13.18%
March 228,686 78,058 85,735 256,210 12.04%
April 308,932 80,246
May 391,061 82,128
June 480,392 89,331
July 570,789 90,397
August 679,369 108,580
September 777,142 97,773
October 877,976 100,834
November 1,007,121 129,145
December 1,162,045 154,924
Community Services/Economic Development
1,400,000
11300,000
1,200,000
1,100,000
1,000,000
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
_ Current Year -Budget � Prior Year
*The monthly budget forecast columns are based on a five-year average.
O
Q
d
R
C
R
C
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L
d
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V
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04
O
04
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L
12
Packet Pg. 68
I 2.3.a I
City of Edmonds, WA
Monthly Expenditure Report - Fund 512 - Technology Rental Fund
2024
Fund 512 - Technology Rental Fund
Cumulative
Monthly
Monthly
YTD
Variance
Budget Forecast Budget Forecast
Actuals
Actuals
%
January
$ 278,067 $
278,067 $
450,425
$ 450,425
61.98%
February
459,653
181,586
88,246
538,670
17.19%
March
687,018
227,364
99,476
638,146
-7.11%
April
781,894
94,876
May
882,974
101,080
June
1,005,318
122,345
July
1,131,059
125,740
August
1,299,834
168,775
September
1,465,789
165,955
October
1,643,179
177,391
November
1,772,621
129,442
December
2,011,076
238,455
Administrative Services
Fund 512 - Technology Rental Fund
2,200,000
2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Current Year -Budget Prior Year
City of Edmonds, WA
Monthly Expenditure Report -Administrative Services
2024
Cumulative Monthly
Budget Forecast Budget Forecast
Monthly
Actuals
YTD
Actuals
Variance
%
January
$ 288,918 $
288,918 $
274,596
$ 274,596
-4.96%
February
523,687
234,769
208,739
483,335
-7.71%
March
733,695
210,008
217,967
701,302
-4.42%
April
944,992
211,297
May
1,157,177
212,186
June
1,442,022
284,845
July
1,684,828
242,805
August
1,896,259
211,431
September
2,116,379
220,121
October
2,344,386
228,007
November
2,598,917
254,531
December
2,825,453
226,536
Administrative Services
3,000,000
2800,000
2:600,000
2,400,000 -
2200,000
2:000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
�Cunrent Year Budget �Prior Year
*The monthly budget forecast columns are based on a five-year average.
0
Q
d
IQ
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L
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V
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0
N
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13
Packet Pg. 69
W 2.3.a
City of Edmonds, WA
Monthly Expenditure Report -City Attorney
2024
City Attorney
Cumulative
Monthly
Monthly
YTD
Variance
Budget Forecast Budget Forecast
Actuals
Actuals
%
January
$ 96,815 $
96,815 $
-
$ -
0.00%
February
193,630
96,815
127,250
127,250
-34.28%
March
290,445
96,815
93,007
220,257
-24.17%
April
387,260
96,815
May
484,075
96,815
June
580,890
96,815
July
677,705
96,815
August
774,520
96,815
September
871,335
96,815
October
968,150
96,815
November
1,064,965
96,815
December
1,161,780
96,815
Police
City Attomey
1,100,000
1,000,000
900,000
800,000 f
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
_Current Year -Budget Prior Year
City of Edmonds, WA
Monthly Expenditure Report -Police
2024
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $ 1,325,644 $ 1,325,644 $ 1,320,779 $ 1,320,779 -0.37%
February 2,644,333 1,318,689 1,322,826 2,643,606 -0.03%
March 4,027,557 1,383,224 1,252,027 3,895,633 -3.28%
April 5,378,981 1,351,424
May 6,782,808 1,403,826
June 8,239,937 1,457,130
July 9,689,531 1,449,593
August 11,039,396 1,349,866
September 12,478,176 1,438,780
October 13,942,747 1,464,571
November 15,677,275 1,734,528
December 17,478,540 1,801,265
Police
8,000,000
6,000,000
4,000,000
2,000,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
� Current Year � Budget � Prior Year
*The monthly budget forecast columns are based on a five-year average.
14
Packet Pg. 70
I 2.3.a I
City of Edmonds, WA
Monthly Expenditure Report -Planning & Development
2024
Planning & Development
Cumulative
Monthly
Monthly
YTD
Variance
Budget Forecast Budget Forecast
Actuals
Actuals
%
January
$ 328,959 $
328,959 $
269,177
$ 269,177
-18.17%
February
671,531
342,572
267,692
536,869
-20.05%
March
999,838
328,306
393,779
930,649
-6.92%
April
1,348,844
349,006
May
1,692,557
343,714
June
2,024,917
332,360
July
2,387,504
362,587
August
2,727,099
339,594
September
3,071,846
344,748
October
3,418,696
346,849
November
3,799,763
381,067
December
4,251,605
451,842
Parks & Recreation
Planning & Development
4,500,000
4,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000 r
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Current Year -Budget Prior Year
City of Edmonds, WA
Monthly Expenditure Report -Parks & Recreation
2024
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
498,850 $
498,850 $ 453,277 $ 453,277 -9.14%
February
986,757
487,907 470,870 924,147 -6.35%
March
1,483,576
496,818 491,227 1,415,374 -4.60%
April
1,955,557
471,981
May
2,461,256
505,698
June
2,984,923
523,667
July
3,580,661
595,738
August
4,186,784
606,123
September
4,840,484
653,700
October
5,394,700
554,215
November
5,962,605
567,905
December
6,520,597
557,992
Parks & Recreation
500,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
�Currcnt Year Budget �Prior Year
*The monthly budget forecast columns are based on a five-year average.
15
Packet Pg. 71
I 2.3.a I
City of Edmonds, WA
Monthly Expenditure Report - Fund 016 - Building Maintenance Fund
2024
Fund 016 - Building Maintenance Fund
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $ 93,773 $ 93,773 $ 138,032 $ 138,032 47.20%
February 187,546 93,773 481,478 619,510 230.33%
March 281,318 93,773 9,472 628,982 123.58%
April 375,091 93,773
May 468,864 93,773
June 562,637 93,773
July 656,410 93,773
August 750,182 93,773
September 843,955 93,773
October 937,728 93,773
November 1,031,501 93,773
December 1,125,275 93,773
Facilities Maintenance
Fund 016 -Building Maintenance Fund
1,200,000
1,100,000
1,000,000
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
JAN FEB MAR APR MAX JUN JUL AUG SEP OCT NOV DEC
Current Year -Budget Prior Year
City of Edmonds, WA
Monthly Expenditure Report -Facilities Maintenance
2024
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $ 156,777 $ 156,777 $ 280,811 $ 280,811 79.11%
February 389,680 232,903 265,070 545,881 40.08%
March 593,580 203,900 223,593 769,473 29.63%
April 769,287 175,707
May 948,286 178,999
June 1,082,262 133,976
July 1,241,226 158,964
August 1,449,125 207,900
September 1,701,717 252,591
October 1,994,291 292,575
November 2,251,871 257,580
December 2,638,179 386,308
Facilities Maintenance
4,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
_ Current Year Budget - Prior Year
*The monthly budget forecast columns are based on a five-year average.
16
Packet Pg. 72
I 2.3.a I
City of'Edmonds, WA
Monthly Expenditure Report -Engineering
2024
Engineering
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
301,531 $
301,531 $ 283,081 $ 283,081 -6.12%
February
604,565
303,034 286,618 569,699 -5.77%
March
913,824
309,259 255,452 825,151 -9.70%
April
1,223,821
309,997
May
1,553,842
330,021
June
1,868,266
314,424
July
2,185,239
316,973
August
2,491,236
305,997
September
2,797,476
306,240
October
3,102,475
304,999
November
3,439,952
337,477
December
3,777,853
337,901
Engine a ring
4,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
_ Current Year -Budget � Prior Year
*The monthly budget forecast columns are based on a five-year average.
17
Packet Pg. 73
I 2.3.a I
Page 1 of 1
CITY OF EDMONDS
REVENUES BY FUND - SUMMARY
Fund
No.
Title
2024 Adopted
Budget
3/31/2023
Revenues
3/31/2024
Revenues
Amount
Remaining
%Received
001
GENERAL FUND
$ 51,056,792
$ 8,150,445
$ 10,340,314
$ 40,716,478
200/c
009
LEOFF-MEDICAL INS. RESERVE
250,000
-
-
250,000
00/(
016
BUILDING MAINTENANCE FUND
112,290
23,820
27,198
85,092
240/c
017
MARSH RESTORATION & PRESERVATION FUND
-
-
300
(300)
00/(
019
EDMONDS OPIOID RESPONSE FUND
50,000
-
129,556
(79,556)
2590/(
104
DRUG ENFORCEMENT FUND
4,520
59
749
3,771
170/(
O
111
STREET FUND
2,630,600
328,654
338,796
2,291,804
130/( M
d
112
COMBINED STREET CONST/IMPROVE
5,396,813
1,830,889
1,062,235
4,334,578
200/,
117
MUNICIPAL ARTS ACQUIS. FUND
88,631
9,261
23,035
65,596
260/(
v
120
HOTEL/MOTEL TAX REVENUE FUND
124,371
22,971
26,090
98,281
210/c O
R
C
121
EMPLOYEE PARKING PERMIT FUND
38,900
10,367
12,223
26,677
310/( jL
122
YOUTH SCHOLARSHIP FUND
1,740
13
327
1,413
190/, i
123
TOURISM PROMOTIONAL FUND/ARTS
44,193
7,731
10,298
33,895
d
230/,
cv
125
REAL ESTATE EXCISE TAX 2
1,627,900
263,513
307,630
1,320,270
190/(
CY
126
REAL ESTATE EXCISE TAX 1
1,639,520
264,405
342,810
1,296,710
210/, -q
N
127
GIFTS CATALOG FUND
215,830
33,915
152,945
62,885
71% N
130
CEMETERY MAINTENANCE/IMPROVEMT
152,990
50,994
28,129
124,861
180/, v
136
PARKS TRUST FUND
-
(7,497)
-
-
L
00/(
137
CEMETERY MAINTENANCE TRUST FD
55,580
6,606
24,999
30,581
138
SISTER CITY COMMISSION
5,680
17
343
5,337
60/( O
sz
140
BUSINESS IMPROVEMENT DISTRICT
79,209
38,089
31,317
47,892
400/,
141
AFFORDABLE AND SUPPORTIVE HOUSING FUND
65,000
21,312
19,441
45,559
30%
142
EDMONDS RESCUE PLAN FUND
6,550,000
1,010
2,752,376
3,797,624
420/c .0
C
ca
143
TREE FUND
220,930
198
4,133
216,797
20/(
LL
231
2012 LT GO DEBT SERVICE FUND
310,420
-
350
310,070
00/(
332
PARKS CAPITAL CONSTRUCTION FUND
316,240
158,915
52,311
263,929
170/, d
411
COMBINED UTILITY OPERATION
-
37,625
41,775
(41,775)
00/(
421
WATER UTILITYFUND
12,314,744
2,586,131
2,877,629
9,437,115
230/, U'
422
STORM UTILITY FUND
8,971,716
2,278,818
2,256,265
6,715,451
250/, C
423
SEWER/WWTP UTILITY FUND
20,019,768
4,869,903
4,343,737
15,676,031
CN
220/c
424
BOND RESERVE FUND
1,996,270
3,093
6,595
1,989,676
00/(
511
EQUIPMENT RENTAL FUND
2,779,730
560,274
700,004
2,079,726
250/(
512
TECHNOLOGY RENTAL FUND
2,173,664
352,483
544,701
1,628,963
250/c r-
$ 119,294,041
$ 21,904,016 $
26,458,612
$ 92,835,429
22%
R
Q
18
Packet Pg. 74
I 2.3.a I
Page 1 of 1
CITY OF EDMO NDS
EXPENDITURES BY FUND - SUMMARY
Fund
2024 Adopted
3/31/2023
3/31/2024
Amount
No. Title
Budget
Expenditures
Expenditures
Remaining %Spent
001 GENERAL FUND
$ 51,892,793
$ 14,793,075
$ 12,078,289
$ 39,814,504 23%
009 LEOFF-MEDICAL INS. RESERVE
367,140
102,272
103,165
263,975 280/(
014 HISTORIC PRESERVATION GIFT FUND 11,701 - 4,385 7,316 370/c
016 BUILDING MAINTENANCE FUND 1,125,274 100,936 628,982 496,292 560/c
104 DRUG ENFORCEMENT FUND 39,000 - - 39,000 00/(
111 STREET FUND 2,662,492 965,565 700,918 1,961,574 26%
112
COMBINED STREET CONST/IMPROVE
5,395,315
1,421,377
1,061,720
4,333,595
200/ O
sZ
d
117
MUNICIPAL ARTS ACQUIS. FUND
282,880
5,665
3,299
279,581
1% G'
120
HOTEL/MOTEL TAX REVENUE FUND
131,400
670
15,592
115,808
120/c
121
EMPLOYEE PARKING PERMIT FUND
26,880
-
-
26,880
00/c
C
122
YOUTH SCHOLARSHIP FUND
3,000
-
75
2,925
3% jL
123
TOURISM PROMOTIONAL FUND/ARTS
43,400
780
800
42,600
20/ i
125
REAL ESTATE EXCISE TAX 2
2,776,746
240,110
121,202
2,655,544
4%
cv
126
REAL ESTATE EXCISE TAX 1
2,094,109
66,831
84,400
2,009,709
4%
CY
127
GIFT S CATALOG FUND
618,646
27,197
78,059
540,587
130/c -q
N
130
CEMETERY MAINTENANCE/IMPROVEMT
290,559
73,531
49,876
240,683
170/, N
137
CEMETERY MAINTENANCE TRUST FUND
99,500
-
-
99,500
00/, v
138
SISTER CITY COMMISSION
11,900
219
80
11,820
L
1%
140
BUSINESS IMPROVEMENT DISTRICT
103,545
10,176
12,192
91,353
142
EDMONDS RESCUE PLAN FUND
6,550,000
663,059
2,751,126
3,798,874
420/c Q
143
TREE FUND
214,800
-
-
214,800
0%
231
2012 LT GO DEBT SERVICE FUND
310,420
-
-
310,420
00/, �p
332
PARKS CAPITAL CONSTRUCTION FUND
54,535
568,994
921
53,614
20/c _
10
421
WATER UTILITYFUND
13,837,584
1,896,223
1,679,136
12,158,448
120/c
LL
422
STORM UTILITY FUND
9,697,422
1,127,379
1,188,252
8,509,170
120/c
423
SEWER/WWTP UTILITY FUND
23,397,507
3,369,420
3,520,725
19,876,782
L
150/c
424
BOND RESERVE FUND
1,988,830
-
-
1,988,830
00/,
511
EQUIPMENT RENTAL FUND
2,774,212
829,288
468,818
2,305,394
170/( CY
512
TECHNOLOGY RENTAL FUND
2,011,076
683,467
638,146
1,372,930
320/c p
N
$ 128,812,666
$ 26,946,235
$ 25,1909157
$103,622,509
20% t
19
Packet Pg. 75
I 2.3.a I
Page 1 of 3
Title
TAXES:
1 REAL PERSONAL / PROPERTY TAX
2 EMS PROPERTY TAX
3 VOTED PROPERTY TAX
4 LOCAL RETAIL SALES/USE TAX t
5 NATURAL GAS USE TAX
6 1/10 SALES TAX LOCAL CRIM JUST
7 ELECTRIC UTILITY TAX
8 GAS UTILITY TAX
9 SOLID WASTE UTILITY TAX
10 WATERUTILITY TAX
11 SEWERUTILITYTAX
12 ST ORMWAT ER UT ILIT Y T AX
13 T.V. CABLE UTILITY TAX
14 TELEPHONE UTILITY TAX
15 PULLTABS TAX
16 AMUSEMENT GAMES
17 LEASEHOLD EXCISE TAX
LICENSES AND PERMITS:
18 FIRE PERMITS -SPECIAL USE
19 POLICE -FINGERPRINTING
20 VENDING MACHINE/CONCESSION
21 FRANCHISE AGREEMENT -COMCAST
22 FRANCHISE FEE-EDUCATION/GOVERNMENT
23 FRANCHISE AGREEMENT-ZIPLY FIBER
24 OLYMPIC VIEW WATER DISTRICT FRANCHISE
25 GENERAL BUSINESS LICENSE
26 DEV SERV PERMIT SURCHARGE
27 RIGHT OF WAY FRANCHISE FEE
28 BUILDINGPERMITS
29 FIRE PERMIT
30 ENGINEERING PERMIT
31 ANIMAL LICENSES
32 STREET AND CURB PERMIT
33 STREET AND CURB PERMIT W/LEASEHOLD TAX
34 OT R NON -BUS LIC/PERMIT S
35 SPECIAL EVENT REVIEW
INTERGOVERNMENTAL:
36 DOJ 15-0404-0-1-754 - BULLET PROOF VEST
37 HIGH VISIBILITY ENFORCEMENT
38 STATE GRANTS- BUDGET ONLY
39 PUD PRIVILEDGE TAX
40 TRIAL COURT IMPROVEMENT
41 CJ - POPULATION
42 CRIMINAL JUSTICE -SPECIAL PROGRAMS
43 MARIJUANA EXCISE TAX DISTRIBUTION
44 DUI - CITIES
45 FIRE INS PREMIUM TAX
46 LIQUOR EXCISE TAX
47 LIQUOR BOARD PROFITS
48 MISCELLANEOUS INTERLOCAL REVENUE
49 INTERLOCAL GRANTS
50 FIRST RESPONDERS FLEX FUND
C ITY O F EDMO NDS
REVENUES - GENERAL FUND
2024 Adopted 3/31/2023
Budget Revenues
3/31/2024 Amount
Revenues Remaining %Received
$ 11,327,000
$ 824,405
$ 826,875
$ 10,500,125
70N
4,578,000
330,582
316,464
4,261,536
70/(
500
4
8
492
20N
12,300,000
2,781,110
2,905,328
9,394,672
240/(
9,600
-
2,404
7,196
250N
1,150,000
259,807
260,060
889,940
230/(
1,900,000
542,135
586,214
1,313,786
310%
895,000
352,921
288,474
606,526
320/(
384,000
71,026
93,246
290,754
240%
1,047,289
221,845
245,831
801,458
230N
1,123,814
256,368
287,238
836,576
260%
690,196
179,423
198,042
492,154
290N
850,000
204,076
194,139
655,861
230/(
773,000
92,079
133,348
639,652
170N
80,200
22,264
7,969
72,231
100/(
350
-
84
266
240N
326,000
78,018
81,406
244,594
250N
37,434,949
6,216,061
6,427,130
31,007,819
170%
250
50
-
250
00%
700
225
135
565
190/(
84,500
22,189
16,025
68,475
190/(
702,700
171,516
165,020
537,680
230N
41,000
8,478
7,572
33,428
180/(
100,600
9,373
6,598
94,002
70N
450,000
101,463
103,741
346,260
230/(
250,000
66,225
74,371
175,629
300N
80,000
22,920
29,115
50,885
36%
30,000
13,962
62,575
(32,575)
2090/(
160,000
143,042
22,816
137,184
140%
-
600
2,900
(2,900)
00%
-
7,090
27,651
(27,651)
00N
24,000
9,559
4,990
19,010
210/(
50,000
18,340
(330)
50,330
-10/(
-
293
2,026
(2,026)
00/(
20,000
251
4,665
15,335
230/(
-
4,194
213
(213)
00/(
1,993,750
599,769
530,082
1,463,668
27%
9,000
-
-
9,000
00/(
11,100
3,845
-
11,100
00/(
20,000
-
-
20,000
00/(
210,500
-
-
210,500
00/(
16,740
5,338
-
16,740
00%
13,070
3,758
4,002
9,068
310/(
50,600
13,294
14,091
36,509
280/(
125,000
26,513
30,216
94,784
240%
4,500
53
1,429
3,071
320/(
75,000
-
-
75,000
00/(
325,000
71,223
73,033
251,967
220/(
343,200
82,149
81,853
261,347
240/(
-
500
-
-
00/(
-
-
94,684
(94,684)
00/(
1,000
-
-
1,000
00/(
1,204,710
206,674
299,308
905,402
250%
2024 Local Retail Sales/Use Taxrevenues are $124,218 higher than 2023 revenues Please also see pagespages 3 & 4.
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Packet Pg. 76
I 2.3.a I
Page 2 of 3
Title
CHARGES FOR GOODS AND SERVICES:
1 RECORD/LEGAL INSTRUMENTS
2 ATM SURCHARGE FEES
3 CREDIT CARD FEES
4 COURT RECORD SERVICES
5 D/M COURT REC SER
6 WARRANT PREPARATION FEE
7 IT TIME PAY FEE
8 MUNIC.-DIST. COURT CURREXPEN
9 CLERKS TIME FOR SALE OF PARKING PERMIT S
10 PHOTOCOPIES
11 POLICE DISCLOSURE REQUESTS
12 ENGINEERING FEES AND CHARGES
13 ELECTION CANDIDATE FILINGFEES
14 CUSTODIAL SERVICES(SNO-ISLE)
15 PASSPORTS AND NATURALIZATION FEES
16 POLICE SERVICES SPECIAL EVENTS
17 CAMPUS SAFETY-EDM. SCH. DIST.
18 WOODWAY-LAW PROTECTION
19 MISCELLANEOUS POLICE SERVICES
20 CJTC TAC REIMBURSEMENT
21 FIRE DISTRICT #1 STATION BILLINGS
22 LEGAL SERVICES
23 ADULT PROBATION SERVICE CHARGE
24 BOOKING FEES
25 FIRE CONSTRUCTION INSPECTION FEES
26 EMERGENCY SERVICE FEES
27 EMS TRANSPORT USER FEE
28 FLEX FUEL PAYMENTSFROM STATIONS
29 ZONING/SUBDIVISION FEE
30 BUILDINGPLAN REVIEW AND INSPECTION
31 FIRE PLAN REVIEW
32 PLANNINGREVIEW AND INSPECTION
33 S.E.P.A. REVIEW
34 ENGINEERINGPLAN REVIEW AND INSPECTION
35 CRITICAL AREA STUDY
36 GYM AND WEIGHTROOM FEES
37 PROGRAM FEES
38 HOLIDAY MARKET REGISTRATION FEES
39 UPTOWN EVENINGMARKET FEES
40 WINTER MARKET FEES
41 LUNAR NEW YEARS FEES
42 BIRD FEST REGISTRATION FEES
43 INTERFUND REIMBURSEMENT -CONTRACT SVCS
CITY OF EDMO NDS
REVENUES - GENERAL FUND
2024 Adopted 3/31/2023 3/31/2024 Amount
Budget Revenues Revenues Remaining %Received
$ 3,000 $
924 $
2,176
$ 825
730/(
600
45
98
502
160/(
1,000
-
-
1,000
00/(
150
-
150
00/(
300
-
300
00/(
4,000
-
4,000
00/(
1,000
46
1
999
00/(
50
77
32
18
640/(
25,000
-
25,000
00/(
100
7
18
82
180/(
1,000
-
-
1,000
00/(
190,000
26,678
-
190,000
00/(
1,400
-
-
1,400
00%
80,000
12,805
7,757
72,243
100/(
70,000
18,025
7,880
62,120
110/(
30,000
-
-
30,000
00%
14,000
-
-
14,000
00/(
210,970
113,713
61,035
149,935
290/(
-
20
-
-
00/(
-
-
32,568
(32,568)
00%
67,000
19,794
16,593
50,407
250/(
1,050
-
-
1,050
00/(
38,000
2,830
709
37,291
20/(
3,000
53
45
2,955
20/(
10,000
5,793
8,663
1,337
870/(
3,500
200
151
3,349
40%
1,200,000
-
348,595
851,405
290%
5,000
754
-
5,000
01
65,600
17,062
-
65,600
00%
940,000
140,295
564,138
375,862
600%
19,000
5,574
10,232
8,768
540/(
50,500
2,844
31,152
19,348
620/(
6,000
740
3,380
2,620
560/(
225,000
756
32,227
192,773
140/(
14,000
4,686
5,355
8,645
380/(
9,500
3,172
6,297
3,203
660/(
787,792
218,632
297,515
490,277
380/(
5,000
455
445
4,555
90/(
5,000
-
-
5,000
00/(
5,000
8,805
6,740
(1,740)
1350/(
-
-
1,180
(1,180)
00%
1,000
-
-
1,000
00/(
4,027,314
302,153
959,807
3,067,507
240%
8,120,826
906,937
2,404,790
5,716,036
300%
E
2
21
Packet Pg. 77 1
2.3.a
Page 3 of 3
CITY OF EDMO NDS
REVENUES - GENERAL FUND
2024 Adopted 3/31/2023 3/31/2024 Amount
Title Budget Revenues Revenues Remaining %Received
FINES AND PENALTIES:
1 PROOF OF VEHICLE INS PENALTY
2 TRAFFIC INFRACTION PENALTIES
3 NC TRAFFIC INFRACTION
4 TRAFFIC CAMERA INFRACTIONS
5 CRT COST FEE CODE LEG ASSESSMENT (LGA)
6 CURRENT TRAFFIC INFRACTIONS
7 NON -TRAFFIC INFRACTION PENALTIES
8 OTHER INFRACTIONS'04
9 PARKING INFRACTION PENALTIES
10 PARK/INDDISZONE
11 DWI PENALTIES
12 DUI - DP ACCT
13 CRIM CNV FEE DUI
14 DUI - DP FEE
15 CRIMINAL TRAFFIC MISDEMEANOR 8/03
16 CRIMINAL CONVICTION FEE CT
17 CRIM CONV FEE CT
18 OTHER NON-TRAF MISDEMEANOR PEN
19 OTHER NON TRAFFIC MISD. 8/03
20 COURT DV PENALTY ASSESSMENT
21 CRIMINAL CONVICTION FEE CN
22 CRIM CONV FEE CN
23 PUBLIC DEFENSE RECOUPMENT
24 BANK CHARGE FOR CONY. DEFENDANT
25 COURT COST RECOUPMENT
26 BUS. LICENSE PERMIT PENALTY
27 MISC FINES AND PENALTIES
MISCELLANEOUS:
28 INVESTMENT INTEREST
29 INTEREST ON COUNTY TAXES
30 INTEREST - COURT COLLECTIONS
31 LOAN INTEREST
32 SPACE/FACILITIESRENTALS
33 BRACKET ROOM RENTAL
34 LEASES LONG-TERM
35 DONATION/CONTRIBUTION
36 PARKSDONATIONS
37 BIRD FEST CONTRIBUTIONS
38 POLICE CONTRIBUTIONS FROM PRIV SOURCES
39 SALE OF JUNK/SALVAGE
40 SALES OF UNCLAIM PROPERTY
41 CONFISCATED AND FORFEITED PROPERTY
42 OTHER JUDGEMENTS✓SETTLEMENT
43 POLICE JUDGMENT S✓RESTITUTION
44 CASHIER'S OVERAGES/SHORTAGES
45 OTHER MISC REVENUES
46 SMALL OVERPAYMENT
47 NSF FEES - PARKS & REC
48 NSF FEES - MUNICIPAL COURT
49 NSF FEES - DEVEL SERV DEPT
50 L&I STAY AT WORK PROGRAM
51 US BANK REBATE
TRANSFER IN:
52 TRANSFER FROM 014
53 INTERFUND TRANSFER FROM 016
TOTAL GENERAL FUND REVENUE
$ 2,000 $
710 $
344 $
1,656
170/(
130,000
27,099
7,247
122,753
60/(
18,000
773
191
17,809
10%
500,000
-
-
500,000
00/(
10,000
1,053
123
9,877
1%
50,000
23,882
15,699
34,301
310%
1,000
4,300
-
1,000
00/(
1,500
819
-
1,500
00/(
125,000
2,110
21,524
103,476
170%
2,000
239
83
1,917
40/(
7,000
1,083
444
6,556
60/(
300
1
-
300
00/(
100
-
-
100
00/(
1,500
484
218
1,282
1501(
25,000
2,571
206
24,794
10%
2,000
442
138
1,862
70/(
700
-
4
696
ION
100
100
-
100
00%
12,000
108
277
11,723
20/(
800
100
-
800
00/(
1,000
48
-
1,000
00%
200
-
-
200
00/(
6,000
894
60
5,940
1%
4,000
1,709
1,382
2,618
350%
1,000
368
98
902
100%
1,000
-
-
1,000
00/(
150
-
-
150
0°/
902,350
68,894
48,038
854,312
55%
527,860
6,321
63,602
464,258
120/(
22,630
9,932
14,182
8,448
630/(
2,430
793
116
2,314
50%
7,270
-
55,316
(48,046)
7610/(
194,500
13,919
24,143
170,357
120/(
2,100
-
-
2,100
00%
219,192
56,584
59,587
159,605
270/(
1,500
83
-
1,500
00/(
5,000
500
500
4,500
100%
1,500
-
60
1,440
40/(
5,000
-
231
4,769
501(
300
565
189
111
630/(
3,800
1,504
629
3,171
170/(
2,000
-
-
2,000
00/(
-
49,007
-
-
00/(
200
47
25
175
130/(
-
10
4
(4)
00/(
5,000
1,240
24,175
(19,175)
4830%
100
1
-
100
00/(
100
-
30
70
300/(
150
4
-
150
00%
-
-
30
(30)
00/(
-
8,702
-
-
00/(
8,500
2,899
2,873
5,627
340%
1,009,132
1529110
245,692
7639440
240/(
5,801 - 5,801 00/(
385,274 385,274 - 1000/(
391,075 - 385,274 5,801 990%
$ 51,056,792 $ 8,150,445 $10,340,314 $ 40,716,478 200%
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Packet Pg. 78
I 2.3.a I
Page I of 6
C ITY OF EDMO NDS
EXPENDITURES BY FUND - DETAIL
2024 Adopted
3/31/2023
3/31/2024
Amount
Title
Budget
Expenditures
Expenditures
Remaining
%Spent
GENERAL FUND EXPENDITURES (001)
1 SALARIES AND WAGES
$ 23,095,383
$ 5,394,677
$ 5,577,934
$ 17,517,449
240%
2 OVERTIME
643,080
194,698
264,690
378,390
410N
3 HOLIDAY BUY BACK
294,001
5,674
-
294,001
00/(
4 BENEFITS
7,868,408
1,894,915
2,127,460
5,740,948
270/(
5 UNIFORMS
126,931
36,300
34,860
92,071
270%
6 PENSION AND DISABILITY PAYMENTS
141,668
22,294
8,795
132,873
60%
7 SUPPLIES
677,285
95,049
78,603
598,682
120/(
8 SMALL EQUIPMENT
239,791
49,389
8,301
231,490
30/(
9 PROFESSIONAL SERVICES
10,918,360
4,707,739
1,491,588
9,426,772
140X
10 COMMUNICATIONS
236,105
41,904
40,591
195,514
170/(
11 TRAVEL
51,187
14,869
7,549
43,638
1501(
12 EXCISE TAXES
30,000
7,407
8,111
21,889
270/(
13 RENTAL/LEASE
3,913,541
659,041
961,648
2,951,893
250/(
14INSURANCE
883,686
625,650
910,495
(26,809)
1030/(
15 UTILITIES
663,800
153,036
165,665
498,135
250X
16 REPAIRS & MAINTENANCE
388,300
336,715
139,254
249,046
360X
17 MISCELLANEOUS
424,867
214,994
184,144
240,723
430/(
18 INTERGOVERNMENTAL PAYMENTS
25,000
50,000
25,000
-
100%
19 INTERFUND SUBSIDIES
650,000
-
-
650,000
00%
20 BUILDINGS
-
284,460
34,040
(34,040)
00%
21 MACHINERY/EQUIPMENT
-
4,264
-
-
00/(
22 PRINCIPAL PAYMENT LEASES
300,000
-
-
300,000
00X
23 GENERAL OBLIGATION BOND PRINCIPAL
197,120
-
197,120
00X
24 LOAN INTEREST
-
9,562
(9,562)
00%
25 INTEREST ON LONG-TERM EXTERNAL DEBT
123,780
-
123,780
00%
26 OTHER INTEREST & DEBT SERVICE COSTS
500
-
500
00%
51,892,793
14,793,075
12,078,289
39,814,504
230%
LEOFF-MEDICAL INS. RESERVE(009)
27 BENEFITS
$
206,650
$
72,693
$
65,286
$
141,364
320/(
28 PENSION AND DISABILITY PAYMENTS
152,990
29,579
37,879
115,111
250N
29 PROFESSIONAL SERVICES
7,000
-
-
7,000
00X
30 MISCELLANEOUS
500
-
-
500
00%
367,140
102,272
103,165
263,975
28%
HISTORIC PRESERVATION GIFrITUND (014)
31 SUPPLIES
$
100
$
-
$
4,385
S
(4,285)
43850N
32 PROFESSIONAL SERVICES
200
-
200
00/(
33 MISCELLANEOUS
5,600
5,600
00/(
34 INTERFUND SUBSIDIES
5,801
-
5,801
00/(
11,701
4,385
7,316
370/(
BUILDING MAINTENANCEFUND (016)
35 PROFESSIONAL SERVICES
$
-
$
-
$
151,380
$
(151,380)
00%
36 REPAIR&MAINTENANCE
740,000
81,158
3,817
736,183
10/(
37 INTERFUND SUBSIDIES
385,274
-
385,274
-
1000/(
38 BUILDINGS
-
19,778
89,007
(89,007)
00N
39 CONST RUCT IONS P ROJECT S
-
-
(497)
497
00/(
1,125,274
S
100,936
628,982
496,292
560%
DRUG ENFORCEMEVTFUND (104)
40 SMALL EQUIPMENT
$
39,000
$
-
$
-
$
39,000
00%
39,000
-
39,000
00%
2
23
Packet Pg. 79
I 2.3.a I
Page 2 of 6
CITY OF EDMO NDS
EXPENDITURES BY FUND - DETAIL
2024 Adopted
3/31/2023
3/31/2024
Amount
litle
Budget
Expenditures
Expenditures
Remaining
%Spent
STREETFUND (111)
1 SALARIES AND WAGES
$ 974,440
$ 366,360
$ 247,375
$ 727,065
250%
2 OVERTIME
38,400
10,514
11,012
27,388
290/(
3 BENEFITS
444,582
129,613
104,198
340,384
230%
4 UNIFORMS
6,000
3,070
5,133
867
860%
5 SUPPLIES
263,000
22,695
23,786
239,214
90%
6 SMALL EQUIPMENT
90,000
552
1,128
88,872
10/(
7 PROFESSIONAL SERVICES
23,210
4,874
372
22,838
20/(
8 COMMUNICATIONS
4,500
1,710
1,246
3,254
280%
9 TRAVEL
1,000
-
-
1,000
00/(
10 RENTAL/LEASE
311,630
75,724
77,407
234,223
250/(
11 INSURANCE
167,350
126,467
172,427
(5,077)
1030/(
12 UTILITIES
273,730
47,742
48,676
225,054
180%
13 REPAIRS & MAINTENANCE
52,000
4,580
4,475
47,525
90/(
14 MISCELLANEOUS
8,000
6,310
1,527
6,473
190/(
15 OTHERIMPROVEMENTS
-
165,353
-
-
00/(
16 GENERAL OBLIGATION BOND PRINCIPAL
4,420
-
-
4,420
00%
17 LOAN INTEREST
-
2,157
(2,157)
00%
18 INTEREST
230
-
230
00/(
$
2,662,492
$
965,565
$
700,918
$
1,961,574
260%
COMBINED STREETC0NST/IMPROVE(112)
19 PROFESSIONAL SERVICES
$
3,355,856
$
178,619
$
1,061,720
$
2,294,136
320/(
20 REPAIRS& MAINTENANCE
541,167
-
-
541,167
00%
21 INTERFUND SUBSIDIES
320,002
-
320,002
00%
22 LAND
375,000
-
-
375,000
00%
23 CONSTRUCTION PROJECTS
748,610
1,242,758
-
748,610
00/(
24 INTERGOVERNMENTAL LOANS
54,070
-
-
54,070
00/(
25 INTEREST
610
-
610
00/(
$
5,395,315
$
1,421,377
$
1,061,720
$
4,333,595
20%
MUNIC IPAL ARTS AC Q UIS. FUND (117)
26 SUPPLIES
$
4,700
$
493
$
19
$
4,681
00/(
27 SMALL EQUIPMENT
1,700
-
-
1,700
00%
28 PROFESSIONAL SERVICES
266,500
3,855
2,000
264,500
10%
29 TRAVEL
80
-
-
80
00/(
30 RENTAL/LEASE
3,000
-
3,000
00/(
31 REPAIRS& MAINTENANCE
300
-
-
300
00/(
32 MISCELLANEOUS
6,600
1,317
1,281
5,319
190%
$
282,880
$
5,665
$
3,299
$
279,581
10/(
HO TEL IMO TEL TAX REVENUE FUND (120)
33 PROFESSIONAL SERVICES
$
127,400
$
670
$
15,502
$
111,898
120/(
34 MISCELLANEOUS
$
-
-
90
(90)
00/(
35 INTERFUND SUBSIDIES
4,000
-
-
4,000
00/(
$
131,400
$
670
$
15,592
$
115,808
120/(
]EMPLOYEE PARKING PERMIT FUND (121)
36 SUPPLIES
$
1,790
$
-
$
-
$
1,790
00%
37 PROFESSIONAL SERVICES
25,090
-
25,090
00/(
$
26,880
$
$
-
$
26,880
00/(
YOUTH SCHOLARSHIP FUND (122)
38 MISCELLANEOUS
$
3,000
$
$
75
$
2,925
30%
$
3,000
$
$
75
$
2,925
30/(
TO URIS M PRO MO a0 NAL FUND/ARTS (12 3)
39 PROFESSIONAL SERVICES
$
43,400
$
780
$
800
$
42,600
20/(
$
43,400
$
780
$
800
$
42,600
20%
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Page 3 of 6
C TTY OF EDMO NDS
EXPENDITURES BY FUND - DETAIL
2024 Adopted
3/31/2023
3/31/2024
Amount
Title
Budget
Expenditures
Expenditures
Remaining
%Spent
REAL ESTATE EXCISE TAX (125)
1 SUPPLIES
$ -
$ -
$ 3,179
$ (3,179)
00/(
2 PROFESSIONAL SERVICES
862,024
24,938
76,626
785,398
90%
3 REPAIRS&MAINTENANCE
1,159,292
25,013
28,033
1,131,259
20%
4 INTERFUND SUBSIDIES
1,060
-
-
1,060
00/(
5 CONSTRUCTION PROJECTS
754,370
190,159
13,364
741,006
20%
$ 2,776,746
$ 240,110
$ 121,202
$ 2,655,544
40/(
REAL ESTATE EXCISE TAXI (126)
6 PROFESSIONAL SERVICES
7 REPAIRS & MAINTENANCE
8 INTERFUND SUBSIDIES
9 LAND
10 CONSTRUCTION PROJECTS
11 GENERAL OBLIGATION BONDS
12 INTEREST
GIFTS CATALOG FUND (127)
13 SALARIES AND WAGES
14 OVERTIME
15 BENEFIT S
16 UNIFORMS
17 SUPPLIES
18 SMALL EQUIPMENT
19 PROFESSIONAL SERVICES
20 RENTAL/LEASE
21 MISCELLANEOUS
22 INTERFUND SUBSIDIES
CEMETERY MAINTEVANC E"WRO VEMIENT (130)
23 SALARIES AND WAGES
24 OVERTIME
2 BENEFIT S
26 UNIFORMS
27 SUPPLIES
28 SUPPLIES PURCHASED FOR INVENTORY/RESALE
29 PROFESSIONAL SERVICES
30 COMMUNICATIONS
31 TRAVEL
32 RENTAL/LEASE
33 UTILITIES
34 REPAIRS & MAINTENANCE
35 MISCELLANEOUS
CEMETERY MAINTENANCE TRUST FUND (137)
36 SMALL EQUIPMENT
37 INTERFUND SUBSIDIES
SISTER CITY COMMISSION (138)
38 SUPPLIES
39 TRAVEL
40 MISCELLANEOUS
BUSINESS IMPROVEMENTDISTRICTFUND (140)
41 SUPPLIES
42 PROFESSIONAL SERVICES
43 MISCELLANEOUS
EDMONDS RESCUEPLAN FUND (142)
44 PROFESSIONAL SERVICES
TREE FUND (143)
45 SUPPLIES
46 PROFESSIONAL SERVICES
47 LAND
$ 419,638 $
16,831 $ 68,825 $
350,813
160/(
695,288
- -
695,288
00/(
141,881
- 855
141,026
10/(
-
50,000 14,720
(14,720)
00/(
474,402
- -
474,402
00%
220,700
220,700
00/(
142,200
- -
142,200
00/(
$ 2,094,109 $
66,831 $ 84,400 $
2,009,709
40/(
$ 269,146 $
7,431 $
47,139 $
222,007
180%
-
437
-
-
00/(
127,000
1,620
18,309
108,691
140/(
2,240
-
-
2,240
00%
170,000
13,158
8,272
161,728
501(
500
-
-
500
00/(
32,500
-
-
32,500
00/(
16,660
4,378
4,165
12,495
250/(
600
173
174
426
290/(
-
-
-
-
0%
$ 618,646 $
27,197 $
78,059 $
540,587
130/(
$ 152,092 $
41,189 $
28,093 $
123,999
181/(
3,500
707
234
3,266
70%
82,132
13,400
8,861
73,271
110/(
1,120
-
-
1,120
00%
7,000
2,241
1,765
5,235
250/(
20,000
5,898
4,143
15,857
210%
4,200
1,438
-
4,200
00%
1,700
432
432
1,268
250/(
500
-
-
500
00%
8,250
2,387
2,111
6,139
260/(
5,565
1,383
1,220
4,345
220%
500
-
-
500
00/(
4,000
4,455
3,017
983
750/(
$ 290,559 $
73,531 $
49,876 $
240,683
170/(
$ 26,500 $ $ $ 26,500 00%
73,000 73,000 00/(
$ 99,500 $ $ $ 99,500 00/(
$ 1,500 $ $ $ 1,500 00/(
4,500 4,500 00/(
5,900 219 80 5,820 1%
$ 11,900 $ 219 $ 80 $ 11,820 1%
$ 10,750 $
298 $
373 $
10,377
30/(
88,425
9,204
11,506
76,919
130/(
4,370
674
314
4,057
70/(
103,545
10,176
12,192
91,353
120%
$ 6,550,000 $ 663,059 $ 2,751,126 $ 3,798,874 420/(
6,550,000 663,059 2,751,126 3,798,874 420%
$ 1,000 $ $ $ 1,000 00%
14,800 14,800 00%
199,000 199,000 00/(
214,800 $ 214,800 00%
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Page 4 of 6
CITY OF EDMO NDS
EXPENDITURES BY FUND - DETAIL
2024 Adopted 3/31/2023 3/31/2024 Amount
Title Budget Expenditures Expenditures Remaining %Spent
2012 LTGO DEBT SERVIC FUND (231)
1 GENERAL OBLIGATION BOND $ 240,000 $ $ - $ 240,000 00/(
2 INTEREST 70,420 - 70,420 00%
$ 310,420 $ $ - $ 310,420 00%
PARKS CONSTRUCTION FUND (332)
3 SUPPLIES
4 PROFESSIONAL SERVICES
5 CONSTRUCTION PROJECTS
WATER FUND (421)
6 SALARIES AND WAGES
7 OVERTIME
8 BENEFIT S
9 UNIFORMS
10 SUPPLIES
11 WATER PURCHASED FOR RESALE
12 SUPPLIES PURCHASED FOR INVENTORY/RESALE
13 SMALL EQUIPMENT
14 PROFESSIONAL SERVICES
15 COMMUNICATIONS
16 TRAVEL
17 EXCISE TAXES
18 RENTAL/LEASE
19 INSURANCE
20 UTILITIES
21 REPAIRS & MAINTENANCE
22 MISCELLANEOUS
23 INTERFUND SUBSIDIES
24 CONSTRUCTION PROJECTS
25 GENERAL OBLIGATION BONDS
26 REVENUE BONDS
27 INTERGOVERNMENTAL LOANS
28 INTEREST
STORM FUND (422)
29 SALARIES AND WAGES
30 OVERTIME
31 BENEFIT S
32 UNIFORMS
33 SUPPLIES
34 SMALL EQUIPMENT
35 PROFESSIONAL SERVICES
36 COMMUNICATIONS
37 TRAVEL
38 EXCISE TAXES
39 RENTAL/LEASE
40 INSURANCE
41 UTILITES
42 REPAIR & MAINTENANCE
43 MISCELLANEOUS
44 INTERFUND SUBSIDIES
45 LAND
46 CONSTRUCTION PROJECTS
47 GENERAL OBLIGATION BONDS
48 REVENUE BONDS
49 INTERGOVERNMENTAL LOANS
50 INTEREST
$ $ - $ 497 $ (497) 00/(
21,528 424 (424) 00/(
54,535 547,466 - 54,535 00%
$ 54,535 $ 568,994 $ 921 $ 53,614 20/(
$ 1,126,709 $
301,339 $
209,954
$ 916,755
190/(
24,000
3,434
9,154
14,846
380/(
505,643
98,914
101,577
404,066
200/(
4,000
2,129
2,550
1,450
640/(
150,000
37,820
47,396
102,604
320/(
2,398,000
292,333
294,798
2,103,202
120/(
180,000
49,808
32,364
147,636
180/(
22,460
1,838
-
22,460
00/(
2,976,926
361,364
313,975
2,662,951
110/(
35,000
7,968
9,323
25,677
270/(
200
-
-
200
00/(
1,487,289
333,368
363,900
1,123,389
240/(
189,052
46,612
46,911
142,141
250/(
135,625
225,379
139,740
(4,115)
1030/(
35,000
9,625
8,735
26,265
250/(
216,130
11,705
13,826
202,304
60/(
203,600
65,304
81,069
122,531
400/(
642,130
-
-
642,130
00/(
2,955,000
47,283
3,864
2,951,136
00/(
2,970
-
-
2,970
00/(
353,590
-
353,590
00/(
25,840
-
25,840
00/(
168,420
-
-
168,420
00/(
$ 13,837,584 $
1,896,223 $
1,679,136
$ 12,158,448
120/(
$ 1,013,672 $
357,241 $
245,252 $
768,420
240%
26,000
2,653
981
25,019
40%
413,048
113,161
88,554
324,494
210/(
6,500
3,858
5,092
1,408
780%
46,000
3,805
14,258
31,742
310/(
4,000
-
-
4,000
00/(
3,642,016
190,606
319,530
3,322,486
90/(
3,200
1,631
2,382
818
740/(
4,300
-
-
4,300
00/(
754,196
207,849
228,939
525,257
300/(
314,693
72,519
77,901
236,792
250/(
110,972
31,680
114,339
(3,367)
1030%
13,125
4,302
4,344
8,781
330/(
289,130
11,065
10,769
278,361
40/(
240,300
51,240
75,912
164,388
320/(
279,560
-
-
279,560
00/(
480,000
-
-
480,000
00/(
1,625,730
75,768
-
1,625,730
00/(
108,240
-
-
108,240
00/(
168,500
-
168,500
00/(
61,600
-
61,600
00/(
92,640
-
-
92,640
00/(
$ 9,697,422 $
1,127,379 $
1,188,252 $
8,509,170
120/(
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CITY OF EDMO NDS
EXPENDITURPS BY FUND
- DETAIL
2024 Adopted
3/31/2023
3/31/2024
Amount
Title
Budget
Expenditures
Expenditures
Remaining %Spent
SEWER FUND (423)
1 SALARIES AND WAGES
$ 3,111,357
$ 866,696
$
667,960
$ 2,443,397
210/(
2 OVERTIME
130,000
52,714
60,843
69,157
470/(
3 BENEFITS
1,199,819
290,355
252,509
947,310
210/(
4 UNIFORMS
11,500
5,689
3,743
7,757
330/(
5 SUPPLIES
571,500
100,721
97,615
473,885
170/(
6 FUEL CONSUMED
20,000
-
-
20,000
00/(
7 SUPPLIES PURCHASED FOR INV OR RESALE
5,000
-
-
5,000
00/(
8 SMALL EQUIPMENT
75,000
2,146
779
74,221
10%
9 PROFESSIONAL SERVICES
5,124,947
534,970
459,696
4,665,251
90%
10 COMMUNICATIONS
48,000
12,203
10,817
37,183
230/(
11 TRAVEL
5,000
-
574
4,426
110/(
12 EXCISE TAXES
1,338,814
311,045
350,229
988,585
260%
13 RENTAL/LEASE
438,031
77,630
108,424
329,607
250/(
14 INSURANCE
553,988
362,302
570,794
(16,806)
1030/(
15 UTILITIES
1,972,060
593,215
586,927
1,385,133
300/(
16 REPAIR&MAINTENANCE
600,630
57,197
168,569
432,061
280/(
17 MISCELLANEOUS
338,350
82,252
98,597
239,753
290/(
18 INTERFUND SUBSIDIES
3,066,814
-
-
3,066,814
00/(
19 MACHINERY/EQUIPMENT
1,580,000
-
1,580,000
00/(
20 CONSTRUCTION PROJECTS
2,565,817
62,363
2,503,454
20%
21 GENERAL OBLIGATION BONDS
130,980
-
130,980
00/(
22 REVENUE BONDS
57,930
-
-
57,930
00%
23 INTERGOVERNMENTAL LOANS
104,730
15,754
16,121
88,609
150%
24 INTEREST
347,240
2,582
2,374
344,866
10%
25 OTHER INTEREST & DEBT SERVICE COSTS
-
1,948
1,791
(1,791)
00%
$ 23,397,507
$ 3,369,420
$
3,520,725
$ 19,876,782
150%
BOND RESERVE FUND (424)
26 REVENUE BONDS
$ 875,020
$ -
$
-
$ 875,020
00/(
27 INTEREST
1,113,810
1,113,810
00/(
$ 1,988,830
$
$
$ 1,988,830
07/(
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Page 6 of 6
CITY OF EDMO NDS
EXPENDITURES BY FUND - DETAIL
2024 Adopted
3/31/2023
3/31/2024
Amount
Title
Budget
Expenditures
Expenditures
Remaining
%Spent
EQUIPMENT RENTAL FUND (511)
1 SALARIES AND WAGES
$ 425,142
$ 130,524
$ 107,338
$ 317,804
250X
2 OVERTIME
2,000
-
1,260
740
630X
3 BENEFITS
155,443
37,199
37,768
117,675
240%
4 UNIFORMS
1,500
519
1,037
463
690X
5 SUPPLIES
149,120
19,687
34,663
114,457
230%
6 FUEL CONSUMED
1,000
-
-
1,000
00X
7 SUP P LIES PURCHASED FOR INVENT ORY/RE SALE
458,880
100,429
61,183
397,697
130X
8 SMALL EQUIPMENT
58,000
362
3,406
54,594
60X
9 PROFESSIONAL SERVICES
47,500
418
356
47,144
1%
10 COMMUNICATIONS
3,000
756
836
2,164
280%
11 TRAVEL
1,000
-
-
1,000
00X
12 RENTAL/LEASE
16,830
4,191
4,001
12,829
240%
13 INSURANCE
70,797
52,373
72,881
(2,084)
1030%
14 UTILITIES
24,000
7,458
5,437
18,563
230%
15 REPAIRS & MAINTENANCE
60,000
11,621
32,727
27,273
550%
16 MISCELLANEOUS
12,000
1,827
2,178
9,822
180X
17 MACHINERY/EQUIPMENT
1,288,000
461,925
103,746
1,184,254
80X
$ 2,774,212
$ 829,288
$ 468,818
$ 2,305,394
170%
TECHNOLOGY RENTAL FUND (512)
18 SALARIES AND WAGES
$ 654,329 $
131,533
$ 154,265
$ 500,064
240%
19 OVERTIME
2,000
-
662
1,338
330%
20 BENEFITS
226,298
45,402
57,019
169,279
250/(
21 SUPPLIES
5,000
1,718
1,007
3,993
200X
22 SMALL EQUIPMENT
220,300
51,415
19,520
200,780
90%
23 PROFESSIONAL SERVICES
61,860
10,026
1,702
60,158
30%
24 COMMUNICATIONS
58,770
14,186
10,789
47,981
180X
25 TRAVEL
1,500
-
-
1,500
00X
26 RENTAL/LEASE
5,190
410
548
4,643
110%
27 REPAIRS & MAINTENANCE
664,229
419,006
392,359
271,870
590%
28 MISCELLANEOUS
55,600
9,770
277
55,323
00%
29 MACHINERY/EQUIPMENT
56,000
-
-
56,000
00X
$ 2,011,076 $
683,467
$ 638,146
$ 1,372,930
320%
TOTAL EXPENDITURE ALL FUNDS
$ 128,812,666 $
26,946,235
$ 25,190,157
$ 103,622,509
200X
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2.3.a
Page 1 of 1
CITY OF EDMO NDS
EXPENDITURES - GENERAL FUND - BY DEPARTMENTIN SUMMARY
2024 Adopted 3/31/2023 3/31/2024 Amount
Title Budget Expenditures Expenditures Remaining % Spent
CITY COUNCIL
OFFICE OF MAYOR
HUMAN RESOURCES
MUNICIPAL COURT
ADMINISTRATIVE SERVICES
CITY ATTORNEY
NON -DEPART MENTAL
POLICE SERVICES
SATELLITE OFFICE
COMMUNITY SERVICES/ECONOMIC DEV
PLANNING& DEVELOPMENT
HUMAN SERVICES PROGRAM
PARKS& RECREATION
PUBLIC WORKS
FACILITIES MAINTENANCE
$ 479,286 $
108,460 $
129,587 $
349,699
27%
490,875
101,671
106,210
384,665
22%
1,222,438
230,737
334,300
888,138
27%
1,811,176
352,625
418,493
1,392,683
23%
2,825,453
774,413
701,302
2,124,151
25%
C
1,161,780
186,270
220,257
941,523
19%
CL
6,857,495
4,986,307
1,750,948
5,106,547
26%
R
17,478,540
3,173,554
3,895,633
13,582,907
22%
172,105
26,541
38,868
133,237
23%
IL
1,162,045
263,059
256,210
905,835
22%
i
4,251,605
913,919
930,649
3,320,957
22%
d
320,940
56,209
60,205
260,735
19%
CY
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6,520,597
1,386,849
1,415,374
5,105,223
22%
C
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4,500,279
967,711
1,050,780
3,449,499
23%
s
c�
2,638,179
1,264,752
769,473
1,868,706
29%
cLC
$ 51,892,793 $
14,793,075 $
12,078,289 $
39,814,504
23%
C ITY O F EDMO NDS
EXPENDITURES - UTILITY- BY FUND IN SUMMARY
Title
2024 Adopted
Budget
3/31/2023
Expenditures
3/31/2024
Expenditures
Amount
Remaining
%Spent
WATER UTILITY FUND
$ 13,837,584
$ 1,896,223 $
1,679,136
$ 12,158,448
12%
STORM UTILITY FUND
9,697,422
1,127,379
1,188,252
8,509,170
12%
SEWER/WWTP UTILITY FUND
23,397,507
3,369,420
3,520,725
19,876,782
15%
BOND RESERVE FUND
1,988,830
-
-
1,988,830
0%
$ 48,921,343
$ 6,393,021 $
6,388,112
$ 42,533,231
13%
29
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Page 1 of 2
CITY OF EDMO NDS
EXPENDITURES - GENERAL FUND - BY DEPARTMENT IN DETAIL
Title
2024 Adopted
Budget
3/31/2023
Expenditures
3/31/2024
Expenditures
Amount
Remaining
%Spent
C TIY C O UNC IT,
SALARIES AND WAGES
$
253,724
$ 54,958
$
61,514
$
192,210
24%
BENEFITS
106,715
25,827
33,141
73,574
31%
SUPPLIES
1,462
433
81
1,381
6%
SERVICES
117,385
27,243
34,851
82,534
30%
$
479,286
$ 108,460
$
129,587
$
349,699
27%
OFFICEOFMAYOR
SALARIES AND WAGES
$
302,809
$ 64,189
$
71,268
$
231,541
24%
BENEFITS
96,402
22,420
19,348
77,054
20%
SUPPLIES
1,097
284
276
821
25%
SERVICES
90,567
14,779
15,318
75,249
17%
$
490,875
$ 101,671
$
106,210
$
384,665
22%
HUMAN RESOURCES
SALARIES AND WAGES
$
752,306
$ 127,367
$
156,649
$
595,657
21%
BENEFITS
241,822
48,229
60,557
181,265
25%
SUPPLIES
10,026
460
172
9,854
2%
SERVICES
218,284
54,682
116,922
101,362
54%
$
1,222,438
$ 230,737
$
334,300
$
888,138
27%
MUNIC IPAL C O URT
SALARIES AND WAGES
$
1,137,525
$ 235,460
$
257,062
$
880,463
23%
BENEFITS
349,462
75,145
85,902
263,560
25%
SUPPLIES
11,600
4,851
754
10,846
7%
SERVICES
312,589
37,169
74,775
237,814
24%
$
1,811,176
$ 352,625
$
418,493
$
1,392,683
23%
ADMINISTRATIVE SERVICES
SALARIES AND WAGES
$
1,886,891
$ 487,548
$
429,587
$
1,457,304
23%
BENEFITS
539,701
129,844
130,307
409,394
24%
SUPPLIES
11,965
2,796
2,382
9,583
20%
SERVICES
386,896
154,225
139,026
247,870
36%
$
2,825,453
$ 774,413
$
701,302
$
2,124,151
25%
CITY ATTORNEY
SERVICES
$
1,161,780
$ 186,270
$
220,257
$
941,523
19%
$
1,161,780
$ 186,270
$
220,257
$
941,523
19%
NON -DEPARTMENTAL
SALARIES AND WAGES
$
(2,100,000)
$ -
$
-
$
(2,100,000)
0%
BENEFITS
(805,332)
37,772
12,963
(818,295)
0%
SUPPLIES
5,000
-
-
5,000
0%
SERVICES
8,761,427
4,898,535
1,703,423
7,058,004
19%
INTERFUND SUBSIDIES
675,000
50,000
25,000
650,000
4%
DEBT SERVICE - PRINCIPAL
197,120
-
-
197,120
0%
DEBT SERVICE -INTEREST
124,280
9,562
114,718
8%
$
6,857,495
$ 4,986,307
$
1,750,948
$
5,106,547
26%
PO LIC E SERVIC E5
SALARIES AND WAGES
$
11,085,782
$ 1,975,849
$
2,423,683
$
8,662,099
22%
BENEFITS
3,799,900
720,278
917,445
2,882,455
24%
SUPPLIES
276,426
33,205
19,465
256,961
7%
SERVICES
2,016,432
444,221
535,040
1,481,392
27%
DEBT SERVICE - PRINCIPAL
300,000
300,000
0%
$
17,478,540
$ 3,173,554
$
3,895,633
$
13,582,907
22%
SATELLITE O FFIC E
SALARIES AND WAGES
$
45,689
$ 10,920
$
11,421
$
34,268
25%
BENEFITS
31,570
2,075
7,931
23,639
25%
SUPPLIES
12,000
-
-
12,000
0%
SERVICES
82,846
13,545
19,517
63,329
24%
$
172,105
$ 26,541
$
38,868
$
133,237
23%
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I 2.3.a I
Page 2 of 2
C ITY O F EDMO NDS
EXPENDITURES - GENERAL FUND - BY DEPARTMENT IN DETAIL
2024 Adopted
3/31/2023
3/31/2024
Amount
Title
Budget
Expenditures
Expenditures
Remaining
%Spent
COMMUNITY SERVICES/EC0N DEV.
SALARIES AND WAGES
$ 673,413
$ 159,276
$ 169,173
$ 504,240
25%
BENEFITS
168,009
40,747
48,449
119,560
29%
SUPPLIES
233
391
72
161
31%
SERVICES
320,390
62,645
38,516
281,874
12%
$ 1,162,045
$ 263,059
$ 256,210
$ 905,835
22%
PLANNING & DEVELOPMENT
SALARIES AND WAGES
$
2,394,050
$
558,228
$
499,710
$
1,894,340
21%
BENEFITS
870,471
209,013
185,850
684,621
21%
SUPPLIES
15,879
3,275
158
15,721
1%
SERVICES
971,205
143,403
244,930
726,275
25%
$
4,251,605
$
913,919
$
930,649
$
3,320,957
22%
HUMAN SERVICES PROGRAM
SALARIES AND WAGES
$
121,472
$
27,870
$
30,609
$
90,863
25%
BENEFITS
34,330
8,012
8,724
25,606
25%
SUPPLIES
10,968
661
-
10,968
0%
SERVICES
154,170
19,666
20,872
133,298
14%
320,940
56,209
60,205
260,735
190/.
PARKS & RECREATION
SALARIES AND WAGES
$
3,394,355
$
824,595
$
765,678
$
2,628,677
23%
BENEFITS
1,200,364
266,030
299,009
901,355
25%
SUPPLIES
433,980
59,789
44,493
389,487
10%
SERVICES
1,491,898
236,436
306,194
1,185,704
21%
$
6,520,597
$
1,386,849
$
1,415,374
$
5,105,223
22%
PUBLIC WORKS ADMINISTRATION
SALARIES AND WAGES
$
422,973
$
104,156
$
139,301
$
283,673
33%
BENEFITS
128,003
31,472
43,959
84,044
34%
SUPPLIES
8,740
3,618
1,945
6,795
22%
SERVICES
162,710
21,297
40,425
122,285
25%
$
722,426
$
160,542
$
225,629
$
496,797
31%
FACILITIES MAINTENANCE
SALARIES AND WAGES
$
1,132,741
$
408,807
$
292,448
$
840,293
26%
BENEFITS
488,518
136,778
120,718
367,800
25%
SUPPLIES
115,500
33,814
16,819
98,681
15%
SERVICES
901,420
396,629
305,449
595,971
34%
MACHINERY/EQUIPMENT
288,725
34,040
(34,040)
0%
$
2,638,179
$
1,264,752
$
769,473
$
1,868,706
29%
ENGINEERING
SALARIES AND WAGES
$
2,528,734
$
555,827
$
534,520
$
1,994,214
21%
BENEFITS
887,072
199,868
196,813
690,259
22%
SUPPLIES
2,200
862
288
1,912
13%
SERVICES
359,847
50,612
93,529
266,318
26%
$
3,777,853
$
807,168
$
825,151
$
2,952,702
22%
TOTAL GENERAL FUND EXPENDITURES
$
51,892,793
$
14,793,075
$
12,078,289
$
39,814,504
23%
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Packet Pg. 87
2.3.a
GENERAL FUND OVERVIEW
FUND BALANCES
CHANGE IN FUND BALANCES
GENERAL FUND
---- ACTUAL ----
---- ACTUAL
----
& SUBFUNDS
12/31 /2023
3/31 /2024
3/31 /2024
Q1
YTD
Fund Balance
Fund Balance
Cash Balance
001 -General Fund
$ 2,528,750
$ 790,775
$ (2,302,946)
$ (1,737,976) $
(1,737,976'
009-Leoff-Medical Ins. Reserve
139,774
36,609
45,588
(103,165)
(103,165'
012-Contingency Reserve Fund
2,228,672
2,228,672
2,228,672
-
014-Historic Preservation Gift Fund
8,944
4,559
4,559
(4,385)
(4,385'
Q
016-Building Maintenance
3,756,168
3,154,384
3,208,456
(601,783)
(601,783'
017 - Marsh Restoration & Preservation
853,595
853,895
853,895
300
300
018 - Edmonds Homelessness Response Fd
200,000
200,000
200,000
-
-
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019 - Opioid Response Fund
74,119
203,675
203,675
129,556
129,556
C
Total General Fund & Subfunds
$ 9,790,022
$ 7,472,569
$ 4,441,898
$ (2,317,453) $
(2,317,453'
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$8,149,887 of fund balance in Fund 001 added to the $2,228,672
balance in Fund 012, represents the required 20%
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operating reserve.
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There are no interfund loans outstanding at this time.
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GOVERNMENTAL FUNDS OVERVIEW
0
CL
FUND BALANCES
CHANGE IN FUND BALANCES
jy
---- ACTUAL ----
---- ACTUAL
----
21
GOVERNMENTAL
FUNDS
12/31 /2023
3/31 /2024
3/31 /2024
Q1
YTD
�
Fund Balance
Fund Balance
Cash Balance
3
a
General Fund & Subfunds
$ 9,790,022
$ 7,472,569
$ 4,441,898
$ (2,317,453) $
(2,317,453;
N
Special Revenue
14,952,551
15,211,089
18,124,289
258,538
258,538
N
Capital Projects - Fund 332
139,615
191,005
180,560
51,390
51,390
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Total Governmental Funds
$ 24,882,188
$ 22,874,663
$ 22,746,746
$ (2,007,525) $
(2,007,525;
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Please note that these revenues and expenses occur within annual cycles.
This Interim Report is not adjusted
for accruals or those annual cycles.
The ending fund balances for 2023 are preliminary, these will be updated
after the completion of the 2023 Financial Statements.
32
Packet Pg. 88
2.3.a
SPECIAL REVENUE FUNDS OVERVIEW
FUND BALANCES
CHANGE IN FUND BALANCES
GOVERNMENTAL
---- ACTUAL
----
---- ACTUAL ----
SPECIAL REVENUE
12/31/2023
3/31/2024
3/31/2024
Q1
YTD
Fund Balance
Fund Balance
Cash Balance
104 - Drug Enforcement Fund
$ 40,843
$ 41,592 $
41,067
$ 749 $
749
111 - Street Fund
4,701
(357,421)
(480,960)
(362,122)
(362,122'
112- Combined Street Const/Improve
2,734,808
2,735,324
1,790,426
516
516
,t
117 - Municipal Arts Acquis. Fund
657,265
677,001
668,516
19,735
19,735
0
120 - Hotel/Motel Tax Revenue Fund
151,247
161,745
143,881
10,498
10,498
d
121 - Employee Parking Permit Fund
83,814
96,038
94,960
12,223
12,223
122 -Youth Scholarship Fund
17,868
18,120
17,891
252
252
123-Tourism Promotional Fund/Arts
138,157
147,655
140,688
9,498
9,498
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125 - Real Estate Tax2
1,992,459
2,178,887
2,205,981
186,428
186,428
C
126 - Real Estate Excise Tax 1 *
3,957,800
4,216,209
4,163,149
258,410
258,410
jL
127 - Gifts Catalog Fund
3,140,448
3,215,334
3,175,366
74,886
74,886
>+
130- Cemetery Mai ntenance/Improvement
196,245
174,497
172,075
(21,747)
(21,747'
137- Cemetery Maintenance Trust Fund
1,212,121
1,237,120
1,221,539
24,999
24,999
138- Sister City Commission
18,681
18,944
18,700
263
263
=
140-Business Improvement Disrict
37,682
56,808
56,808
19,125
19,125
d
141 - Affordable and Supportive Housing I'd
309,127
328,567
320,171
19,441
19,441
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142 - Edmonds Rescue Plan Fund
36,932
38,182
4,150,722
1,250
1,250
N
143 - Tree Fund
222,354
226,487
223,308
4,133
4,133
v
Total Special Revenue
14,952,551
$ 15,211,089 $
18,124,289
$ 258,538 $
258,538
L
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*$200,000 of the fund balance in Fund
126 has been reserved for Marsh
Restoration Funding, as well as $1,000,000
for the purchase of Open Space.
0
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ENTERPRISE FUNDS OVERVIEW
U_
FUND BALANCES
CHANGE IN FUND BALANCES
ENTERPRISE
---- ACTUAL ----
---- ACTUAL
----
FUNDS
12/31/2023
3/31/2024
3/31/2024
Q1
YTD
CY
Fund Balance
Fund Balance
Cash Balance
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421 -Water Utility Fund
$ 9,601,886
$ 10,800,380 $
10,795,269
$ 1,198,494 $
1,198,494
N
422 - Storm Utility Fund '
6,983,494
8,051,507
7,595,138
1,068,014
1,068,014
v
423 - Sewer/WWTP Utility Fund
14,404,202
15,227,215
16,244,598
823,013
823,013
424 - Bond Reserve Fund
843,961
850,555
850,555
6,595
6,595
411 -Combined Utility Operation
-
41,775
97,148
41,775
41,775
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Total Enterprise Funds
31,833,542
$ 34,971,432 $
35,582,707
$ 3,137,890 $
3,137,890
*$250,000 of the Storm Utility Fund Balance has been
reserved for Marsh Restoration
Funding.
r
Q
Please note that these
revenues
and expenses occur within annual cycles.
This Interim Report is not adjusted for accruals
or those annual cycles.
The ending fund balances for 2023 are preliminary,
these will be updated
after the
completion of the 2023 Financial Statements.
33
Packet Pg. 89
2.3.a
SUMMARY OVERVIEW
FUND BALANCES
CHANGE IN FUND BALANCES
CITY-WIDE
---- ACTUAL ----
---- ACTUAL
----
12/31 /2023 3/31/2024 3/31/2024
Q1
YTD
Fund Balance Fund Balance Cash Balance
Governmental Funds
$ 24,882,188 $ 22,874,663 $ 22,746,746
(2,007,525) $
(2,007,525'
Enterprise Funds
31,833,542 34,971,432 35,582,707
3,137,890
3,137,890
Internal Services Fund
11,832,302 11,970,042 5,771,850
137,741
137,741
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Total City-wide Total
$ 68,548,032 $ 69,816,137 $ 64,101,303
$ 1,268,105 $
1,268,105
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INTERNAL SERVICE FUNDS OVERVIEW
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FUND BALANCES
CHANGE IN FUND BALANCES
?
INTERNAL SERVICE
---- ACTUAL ----
---- ACTUAL
----
O
FUNDS
12/31/2023 3/31/2024 3/31/2024
Q1
YTD
CL
Fund Balance Fund Balance Cash Balance
S
511Equipment Rental Fund
$ 10,991,937 $ 11,223,123 $ 5,421,897
$ 231,186 $
231,186
.�
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512 - Technology Rental Fund
840,365 746,920 349,952
(93,445)
(93,445'
Total Internal Service Funds
11,832,302 $ 11,970,042 $ 5,771,850
$ 137,741 $
137,741
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Please note that these revenues and expenses occur within annual cycles.
This Interim Report is not adjusted for accruals or those annual cycles.
The ending fund balances for 2023 are preliminary, these will be updated
after the completion of the 2023 Financial Statements.
34
Packet Pg. 90
I 2.3.a I
INVESTMENT PORTFOLIO SUMMARY
City of Edmonds Investment Portfolio Detail
As of March 31, 2024
Years
Agency/ Investment Purchase to Par Market Maturity Coupon
Issuer Type Price Maturity Value Value Date Rate
FHLB
Bonds
954,866
0.03
1,000,000
998,777
04/10/24
0.35%
FM
Bonds
996,082
0.21
1,000,000
994,958
06/17/24
2.80%
FNMA
Bonds
992,693
0.25
1,000,000
990,881
07/02/24
1.75%
FFCB
Bonds
1,960,906
0.45
2,000,000
1,984,297
09/13/24
3.50%
FHLB
Bonds
950,774
0.64
1,000,000
973,264
11/18/24
0.90%
Spokane County WA
Bonds
207,260
0.67
200,000
195,924
12/01/24
2.10%
First Financial - Waterfront Center
CD
245,000
0.74
245,000
245,000
12/27/24
2.47%
FHLMC
Bonds
974,798
0.95
1,000,000
987,647
03/13/25
3.75%
Farmer Mac
Bonds
1,995,088
1.05
2,000,000
1,987,433
04/17/25
4.25%
FHLB
Bonds
969,524
1.33
1,000,000
983,991
07/28/25
3.60%
US Treasury Note
Note
964,597
1.38
1,000,000
977,344
08/15/25
3.13%
FFCB
Bonds
1,982,692
1.69
2,000,000
1,977,534
12/08/25
4.13%
Farmer Mac
Bonds
1,994,172
1.84
2,000,000
1,973,696
02/02/26
3.95%
FHLMC
Bonds
993,661
2.31
1,115,000
1,018,974
07/22/26
0.83%
Farmer Mac
Bonds
2,057,309
2.63
2,305,000
2,110,506
11/17/26
1.15%
First Financial - ECA
CD
2,803,516
3.63
2,803,516
2,803,516
11/15/27
2.96%
TOTAL SECURITIES
21,042,939
1.24
21,668,516
21,203,742
Washington State Local Gov't Investment
Pool
22,689,720
22,689,720
Demand
5.41%
Snohomish County Local Gov't Investment
Pool
11,580,699
11,580,699
Demand
2.56%
TOTAL PORTFOLIO $ 55,938,935 $ 55,474,162
Issuer Diversification
11
First
Financial -
CD, 14%
Spokane
County
WA, 1%
Farmer
Mac, 29% FFCB, 18%
FHLMC,
0
° FHLB, 14%
Cash and Investment Balances
(in $ Millions)
Note,
Checking,
$1.00, 2% Bonds,
$10.71,
$17.62,
16%
26%
CD's, $3.05
State LGIP,
$22.69,
, 5% County
34%
LGI P,
$11.58 ,
17%
35
Packet Pg. 91 1
I 2.3.a I
INVESTMENT PORTFOLIO SUMMARY
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Packet Pg. 92
2.4
City Council Agenda Item
Meeting Date: 05/14/2024
April 2024 Monthly Financial Report
Staff Lead: Kim Dunscombe
Department: Administrative Services
Preparer: Sarah Mager
Background/History
N/A
Staff Recommendation
Review and move to full council to be received for filing.
Narrative
April 2024 Monthly Financial Report
Attachments:
Complete April 2024 Monthly Financial Report
Packet Pg. 93
I 2.4.a I
O-V
lac. 1 ISOv
CITY OF EDMONDS
MONTHLY BUDGETARY FINANCIAL REPORT
AP RI L 2024
Packet Pg. 94 1
I 2.4.a I
MONTHLY HIGHLIGHTS
GENERAL FUND HIGHLIGHTS
• Real Personal/Property Tax and EMS Levy is up $451,144 from this point last year. Despite this current good news, our forecast
for property tax will likely finish under budget by $130,000.
• Sales tax is up $154,951 from this point last year, yet it falls short of the cumulative budget by $(38,793). Our forecast indicates
this revenue source to be close to or slightly under budget.
p
• Utility taxes are categorized under "Other Taxes" in the chart below, exhibit divergent trends, with some surpassing the
CL
cumulative budget while others lag behind. Notably, gas tax is down by $(94,534), electric tax is down by $(67,794), and
�a
telephone tax by $(102,426), all falling short of their perspective cumulative budget.
U
• Development services revenues overall are up a total of $343,798 from this point last year. The increase is notably due to the
c
city receiving permit revenue for development of the Edmonds Green Apartments.
u_
• Interest charged to the General Fund for negative cash balance in 2024 equals $33,452 to date.
• Year-to-date, General Fund salary and benefit expenses are slightly above the budgeted target by $130,000 at this point in the
o
year. This includes the vacancy rate offset that was incorporated into the budget.
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General Fund Tax Revenue (2024 YTD)
14,000,000
12,000, 000
10,000,000
F 8,000,000
x 6,000,000
a 4,000,000
2,000,000
Sales Tax Property Tax EMS Tax Other Taxes
Actual
3,776,135
5,278,095
2,018,272
3,027, 238
■ Budget
12,300,000
11,327,000
4,578,000
9,229,949
STREET FUND HIGHLIGHTS
• Interest charged to the Street Fund for negative cash balance in 2024 equals $8,046 to date.
REET FUND HIGHLIGHTS
• REET revenues are 19.5% or $145,444 higher than last year. Projections indicate REET revenues are on track to meet the
budget target of $3.0 million.
1
Packet Pg. 95
2Aa
City of Edmonds
All Funds Financial Summary
As of April 30, 2024
Beginning Fund
Revenues /
Expenditures /
Revenues less
Ending Fund
Fund
Balance
Sources
Uses
Expenditures
Balance
Cash Balance
Governmental
001 General Fund
2,492,460
19,226,965
15,860,371
3,366,594
5,859,055
2,993,329
009 LEOFF Medical Insurance Reserve
139,774
-
137,208
(137,208)
2,565
19,631
012 Contingency Reserve
2,228,672
-
-
-
2,228,672
2,228,672
014 Historic Sub -Fund
8,944
-
4,385
(4,385)
4,559
4,559
016 Building Maintenance
3,756,168
37,073
631,095
(594,022)
3,162,146
3,216,217
017 Marsh Restoration
853,595
300
-
300
853,895
853,895
018 Homeless Response
200,000
-
-
200,000
200,000
0
019 Opioid Response
74,119
143,391
143,391
217,510
217,510
CL
4)
Total General Funds
9,753,732
19,407,729
16,633,060
2,774,669
12,528,401
9,733,812
Special Revenue Funds
104 Drug Enforcement
40,843
1,118
-
1,118
41,961
41,436
c=a
111 Street
4,701
479,198
899,895
(420,697)
(415,996)
(537,199)
iy
112 Street Construction
2,734,808
2,045,120
1,134,131
910,989
3,645,797
1,782,357
>,
117 Municipal Arts
657,265
30,089
6,395
23,694
680,959
674,520
120 Hotel / Motel
151,247
35,426
32,103
3,323
154,569
141,747
O
121 Employee Parking
83,814
13,378
-
13,378
97,192
96,114
122 Youth Scholarship
17,868
488
150
338
18,207
17,977
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0
123 Tourism Promotion
138,157
14,248
5,500
8,748
146,905
139,938
N
125 R E ET 2
1,992,459
504,192
211,119
293,073
2,285,532
2,312,010
L
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126 REET 1
3,957,800
557,153
133,240
423,913
4,381,713
4,328,689
Q
127 Gifts Catalog
3,140,448
237,769
122,924
114,845
3,255,293
3,214,874
130 Cemetery Maintenance
196,245
61,740
72,085
(10,345)
185,900
184,479
Q
137 Cemetery Trust
1,212,121
39,536
-
39,536
1,251,657
1,236,077
N
138 Sister City
18,681
2,916
80
2,836
21,517
21,274
140 Business Improvement
37,682
44,102
21,563
22,540
60,222
64,189
=
141 Affordable Housing
309,127
19,441
-
19,441
328,567
320,171
=
142 Edmonds Rescue
36,932
3,669,835
3,668,168
1,667
38,599
3,234,097
iL
143 Tree Fund
222,354
10,159
102
10,057
232,411
229,232
2%
Capital Projects
139,615
56,668
921
55,747
195,362
184,917
Debt Service
-
350
-
350
350
-
0
Enterprise Funds
411 Combined Utility Operation
-
51,415
-
51,415
51,415
102,407
c
421 Water UtiIity
9,601,886
3,662,988
2,384,486
1,278,502
10,880,388
11,244,142
N
422 Storm Water Utility
6,983,494
2,755,771
1,560,446
1,195,325
8,178,818
7,757,698
Q
423 Sewer/ Wastewater Treatment Plar
14,903,525
6,697,115
5,222,885
1,474,231
16,377,755
16,256,364
Q
424 Bond Reserve Fund
843,961
9,213
-
9,213
853,173
853,173
d
y
Internal Service Funds
IZ
511 Equipment Rental
10,923,491
920,452
703,679
216,772
11,140,263
5,414,157
p
512 Technology Rental
847,906
726,268
726,999
(731)
847,175
427,566
V
All Funds
68,950,161
42,053,877
33,539,931
8,513,946
77,464,107
69,476,217
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Packet Pg. 96
I 2.4.a I
GENERAL FUND SUMMARY
City of Edmonds, WA
Monthly Revenue Summary -General Fund
2024
General Fund
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $ 2,698,070 $ 2,698,070 $ 2,532,339 $ 2,532,339 -6.14%
February 5,386,652 2,688,582 3,801,618 6,333,957 17.59%
March 8,194,953 2,808,300 4,006,316 10,340,274 26.18%
April 12,809,847 4,614,894 8,886,692 19,226,965 50.10%
May 21,776,323 8,966,476
June 24,453,075 2,676,752
July 27,423,536 2,970,461
August 30,755,807 3,332,272
September 33,530,489 2,774,682
October 39,070,656 5,540,167
November 47,885,067 8,814,411
December 51,056,792 3,171,725
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City of Edmonds, WA
Monthly Expenditure Report -General Fund
2024
General Fund
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $ 4,809,938 $ 4,809,938 $ 4,652,570 $ 4,652,570 -3.27%
February 8,929,454 4,119,516 3,706,872 8,359,442 -6.38%
March 12,949,647 4,020,193 3,718,847 12,078,289 -6.73%
April 16,605,531 3,655,883 3,782,083 15,860,372 -4.49%
May 20,680,817 4,075,286
June 25,263,927 4,583,110
July 29,265,836 4,001,909
August 33,410,940 4,145,104
September 37,568,223 4,157,283
October 41,684,206 4,115,983
November 46,834,850 5,150,644
December 51,892,793 5,057,943
*The monthly budget forecast columns are based on a five-year average.
3
Packet Pg. 97
MAJOR GOVERNMENTAL REVENUE SUMMARY
I 2.4.a I
City of Edmonds, WA
Monthly Revenue Summary -Sales and Use Tax
2024
Sales and Use Tax
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
956,967 $
956,967 $
975,066
$ 975,066
1.89%
February
2,084,047
1,127,080
1,059,532
2,034,598
-2.37%
March
2,987,849
903,802
870,730
2,905,328
-2.76%
April
3,814,928
827,079
870,807
3,776,135
-1.02%
May
4,821,039
1,006,111
June
5,796,759
975,721
July
6,836,449
1,039,690
August
7,953,072
1,116,623
September
8,995,564
1,042,491
October
10,116,626
1,121,062
November
11,238,239
1,121,613
December
12,300,000
1,061,761
Sales and Use Tax
11,000,000
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
�Cuaent Year Budget Prior Year
City of Edmonds, WA
Monthly Revenue Summary -Real Personal/Property Tax
2024
Real Personal/Property Tax
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
28,172 $
28,172 $
15,003
$ 15,003
-46.75%
February
156,833
128,661
265,415
280,418
78.80%
March
877,571
720,738
546,457
826,875
-5.78%
April
5,200,702
4,323,131
4,451,219
5,278,095
1.49%
May
6,113,323
912,621
June
6,167,757
54,434
July
6,192,819
25,062
August
6,247,276
54,457
September
6,423,953
176,676
October
10,550,884
4,126,931
November
11,287,789
736,905
December
11,327,000
39,211
Real Personal/Property Tax
12,000,000
11,000,000
10,000,000
9,000,000
8,000,000
7,000,000
6,000,000
_
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
�CwrentYear -Budget �PriorYear
*The monthly budget forecast columns are based on a five-year average.
4
Packet Pg. 98
MAJOR GOVERNMENTAL REVENUE SUMMARY
I 2.4.a I
City of Edmonds, WA
Monthly Revenue Summary -Real Estate Excise Tax
2024
Real Estate Excise Tax 1 & 2
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
225,388 $
225,388 $
158,734
$ 158,734
-29.57%
February
376,297
150,909
141,173
299,908
-20.30%
March
569,768
193,471
237,275
537,183
-5.72%
April
775,427
205,659
354,193
891,375
14.95%
May
1,036,020
260,593
June
1,293,139
257,119
July
1,573,012
279,874
August
1,849,679
276,667
September
2,151,102
301,423
October
2,420,735
269,633
November
2,687,175
266,440
December
3,000,000
312,825
Real Estate Excise Tax 1 & 2
2,700,000
100,000
900,000
600,000
300,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Current Year Budget Prior Year
*The monthly budget forecast columns are based on a five-year average.
5
Packet Pg. 99
MAJOR GOVERNMENTAL REVENUE SUMMARY
I 2.4.a I
City of Edmonds, WA
Monthly Revenue Summary -Water Utility Tax
2024
Water Utility Tax
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
90,844 $
90,844 $
92,691
92,691
2.03%
February
154,355
63,511
62,177
154,868
0.33%
March
244,152
89,797
90,963
245,831
0.69%
April
304,356
60,204
62,146
307,977
1.19%
May
393,634
89,278
June
463,947
70,313
July
573,149
109,202
August
666,476
93,327
September
791,033
124,557
October
881,630
90,597
November
983,292
101,662
December
1,047,289
63,997
Water Utility Tax
1,100,000
1,000,000
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
� Current Year -Budget - Prior Year
City of Edmonds, WA
Monthly Revenue Summary -Sewer Utility Tax
2024
Sewer Utility Tax
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
101,297 $
101,297 $
101,472
$ 101,472
0.17%
February
185,730
84,433
84,516
185,988
0.14%
March
286,530
100,799
101,250
287,238
0.25%
April
371,027
84,497
85,581
372,818
0.48%
May
472,427
101,400
June
557,139
84,712
July
659,773
102,634
August
744,838
85,065
September
850,226
105,388
October
936,127
85,902
November
1,039,506
103,379
December
1,123,814
84,308
Sewer Utility Tax
1,200,000
1,100,000
1,000,000
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Current Year -Budget Prior Year
*The monthly budget forecast columns are based on a five-year average.
6
Packet Pg. 100
DEPARTMENT EXPENSE SUMMARY
L 2.4.a
C ITY O F FDMO NDS
EXPENDITURES - GENERAL FUND - BY DEPARTMENT IN SUMMARY
Title
CITY COUNCIL
OFFICE OF MAYOR
HUMAN RESOURCES
MUNICIPAL COURT
ADMINISTRATIVE SERVICES
CITY ATTORNEY
NON -DEPARTMENTAL
POLICE SERVICES
SATELLITE OFFICE
COMMUNITY SERVICESIECONOMIC DEV
PLANNING& DEVELOPMENT
failul:�►i.�il W31
PARKS& RECREATION
PUBLIC WORKS
FACILITIES MAINTENANCE
2024 Adopted 4/30/2023 4/30/2024 Amount
Budget Expenditures Expenditures Remaining %Spent
$ 479,286 $
142,437 $
165,561 $
313,725
35%
490,875
133,210
142,364
348,511
29%
1,222,438
296,057
432,481
789,957
35%
1,811,176
476,351
559,198
1,251,978
31%
2,825,453
964,313
914,151
1,911,302
32%
1,161,780
276,332
328,640
833,140
28%
6,857,495
6,091,521
1,962,932
4,894,563
29%
17,478,540
4,326,784
5,355,290
12,123,250
31%
172,105
38,974
50,392
121,714
29%
1,162,045
362,832
347,490
814,555
30%
4,251,605
1,265,403
1,234,470
3,017,135
29%
320,940
80,419
84,078
236,862
26%
6,520,597
1,788,118
1,898,998
4,621,599
29%
4,500,279
1,291,044
1,395,881
3,104,398
31%
2,638,179
1,451,697
988,445
1,649,734
37%
$ 51,892,793 $
18,985,494 $
15,860,371 $
36,032,422
31%
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Packet Pg. 101
DEPARTMENT EXPENSE SUMMARY
I 2.4.a I
City of Edmonds, WA
Monthly Expenditure Report -City Council
2024
City Council
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
34,240 $
34,240 $
February
71,153
36,913
March
112,189
41,036
April
150,403
38,214
May
193,081
42,678
June
234,428
41,347
July
275,019
40,591
August
316,493
41,474
September
357,868
41,375
October
394,551
36,684
November
435,285
40,734
December
479,286
44,001
40,574 $ 40,574 18.50%
54,006 94,579 32.92%
35,007 129,587 15.51%
35,974 165,561 10.08 %
City of Edmonds, WA
Monthly Expenditure Report -Office of Mayor
2024
Office of Mayor
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
40,561 $
40,561 $
February
82,159
41,598
March
124,596
42,436
April
165,441
40,846
May
205,791
40,350
June
245,843
40,052
July
287,251
41,408
August
327,468
40,217
September
367,326
39,858
October
406,988
39,662
November
449,726
42,738
December
490,875
41,149
33,901 $ 33,901-16.42%
35,511 69,412-15.52%
36,798 106,210-14.76%
36,154 142,364-13.95%
Office of Mayor
500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
]00,000
50,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
�Cu cnt Year Budget Prior Year
*The monthly budget forecast columns are based on a five-year average.
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DEPARTMENT EXPENSE SUMMARY
I 2.4.a I
City of Edmonds, WA
Monthly Expenditure Report -Human Resources
2024
Human Resources
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
110,919 $
110,919 $
129,960
$ 129,960
17.17%
February
206,083
95,165
103,533
233,493
13.30%
March
293,020
86,937
100,807
334,300
14.09%
April
385,026
92,006
98,181
432,481
12.33%
May
477,507
92,481
June
609,764
132,257
July
691,435
81,671
August
781,445
90,009
September
882,461
101,016
October
976,331
93,870
November
1,084,356
108,025
December
1,222,438
138,082
Human Resources
I,Juu, V
11200,000
1,1OQ000
1,000,000
900,000
800,000
700,000
600,000
500,000
400,000
300 000
200:000
100,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Current Year -Budget Prior Year
City of Edmonds, WA
Monthly Expenditure Report -Municipal Court
2024
Municipal Court
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
133,120 $
133,120 $
136,698
$ 136,698
2.69%
February
268,761
135,641
143,646
280,344
4.31%
March
408,462
139,701
138,149
418,493
2.46%
April
549,323
140,861
140,705
559,198
1.80%
May
702,755
153,432
June
841,629
138,874
July
987,720
146,091
August
1,144,145
156,425
September
1,291,990
147,845
October
1,441,979
149,989
November
1,629,476
187,497
December
1,811,176
181,700
Municipal Court
2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
� Current Year � Budget � Prior Year
*The monthly budget forecast columns are based on a five-year average.
9
Packet Pg. 103
DEPARTMENT EXPENSE SUMMARY
I 2.4.a I
City of Edmonds, WA
Monthly Expenditure Report -Community Services/Economic Development
2024
Community Services/Economic Development
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
70,938 $
70,938 $
84,711
$ 84,711
19.42%
February
150,629
79,691
85,764
170,475
13.18%
March
228,686
78,058
85,735
256,210
12.04%
April
308,932
80,246
91,280
347,490
12.48%
May
391,061
82,128
June
480,392
89,331
July
570,789
90,397
August
679,369
108,580
September
777,142
97,773
October
877,976
100,834
November
1,007,121
129,145
December
1,162,045
154,924
Community Services/Economic Development
1,400,000
1300,000
1:200,000
1,100,000
1,000,000
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
_Current YearBudget �Prior Year
City of Edmonds, WA
Monthly Expenditure Report -Non -Departmental
2024
Non -Departmental
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
926,027 $
926,027 $
1,244,387
$ 1,244,387
34.38%
February
1,489,596
563,569
221,547
1,465,934
-1.59%
March
2,012,000
522,404
285,014
1,750,948
-12.97%
April
2,395,260
383,260
211,983
1,962,932
-18.05%
May
2,923,480
528,220
June
3,677,256
753,776
July
4,126,291
449,035
August
4,662,507
536,216
September
5,123,698
461,191
October
5,544,111
420,414
November
6,294,725
750,614
December
6,857,495
562,770
8,000,000
6,000,000
4,000,000
21,000,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
- Current Year -Budget - Prior Year
*The monthly budget forecast columns are based on a five-year average.
10
Packet Pg. 104
DEPARTMENT EXPENSE SUMMARY
I 2.4.a I
City of Edmonds, WA
Monthly Expenditure Report - Fund 512 - Technology Rental Fund
2024
Fund 512 - Technology Rental Fund
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
278,067 $
278,067 $
450,425
$ 450,425
61.98%
February
459,653
181,586
88,246
538,670
17.19%
March
687,018
227,364
99,476
638,146
-7.11%
April
781,894
94,876
88,852
726,999
-7.02%
May
882,974
101,080
June
1,005,318
122,345
July
1,131,059
125,740
August
1,299,834
168,775
September
1,465,789
165,955
October
1,643,179
177,391
November
1,772,621
129,442
December
2,011,076
238,455
Administrative Services
Fund 512 - Technology Rental Fund
2,200,000
2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Current Year -Budget Prior Year
City of Edmonds, WA
Monthly Expenditure Report -Administrative Services
2024
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
288,918 $
288,918 $
274,596
$ 274,596
-4.96%
February
523,687
234,769
208,739
483,335
-7.71%
March
733,695
210,008
217,967
701,302
-4.42%
April
944,992
211,297
212,849
914,151
-3.26%
May
1,157,177
212,186
June
1,442,022
284,845
July
1,684,828
242,805
August
1,896,259
211,431
September
2,116,379
220,121
October
2,344,386
228,007
November
2,598,917
254,531
December
2,825,453
226,536
Administrative Services
80Q 000
60Q000
400,000
200,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
�Cutreat Year Budget Prior Year
*The monthly budget forecast columns are based on a five-year average.
11
Packet Pg. 105
DEPARTMENT EXPENSE SUMMARY
I 2.4.a I
City of Edmonds, WA
Monthly Expenditure Report -City Attorney
2024
City Attorney
Cumulative
Monthly
Monthly
YTD
Variance
Budget Forecast Budget Forecast
Actuals
Actuals
%
January
$ 96,815 $
96,815 $
-
$ -
0.00%
February
193,630
96,815
127,250
127,250
-34.28%
March
290,445
96,815
93,007
220,257
-24.17%
April
387,260
96,815
108,383
328,640
-15.14%
May
484,075
96,815
June
580,890
96,815
July
677,705
96,815
August
774,520
96,815
September
871,335
96,815
October
968,150
96,815
November
1,064,965
96,815
December
1,161,780
96,815
Police
City Attorney
1,100,000
1,000,000
900,000
800,000
700,000
600,000
'0000-
500,000
'000-
400,000
300,000
200,000
100,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Current Year Budget -Prior Year
City of Edmonds, WA
Monthly Expenditure Report -Police
2024
Cumulative
Monthly
Monthly
YTD
Variance
Budget Forecast Budget Forecast
Actuals
Actuals
%
January
$ 1,325,644 $
1,325,644 $
1,320,779
$ 1,320,779
-0.37%
February
2,644,333
1,318,689
1,322,826
2,643,606
-0.03%
March
4,027,557
1,383,224
1,252,027
3,895,633
-3.28%
April
5,378,981
1,351,424
1,459,657
5,355,290
-0.44%
May
6,782,808
1,403,826
June
8,239,937
1,457,130
July
9,689,531
1,449,593
August
11,039,396
1,349,866
September
12,478,176
1,438,780
October
13,942,747
1,464,571
November
15,677,275
1,734,528
December
17,478,540
1,801,265
8,000,000
6,000,000
4,000,000
2,000,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
� Current Year Budget Prior Year
*The monthly budget forecast columns are based on a five-year average.
0
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Packet Pg. 106
DEPARTMENT EXPENSE SUMMARY
I 2.4.a I
City of Edmonds, WA
Monthly Expenditure Report -Planning & Development
2024
Planning & Development
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
328,959 $
328,959 $
269,177
$ 269,177
-18.17%
February
671,531
342,572
267,692
536,869
-20.05%
March
999,838
328,306
393,779
930,649
-6.92%
April
1,348,844
349,006
303,822
1,234,470
-8.48%
May
1,692,557
343,714
June
2,024,917
332,360
July
2,387,504
362,587
August
2,727,099
339,594
September
3,071,846
344,748
October
3,418,696
346,849
November
3,799,763
381,067
December
4,251,605
451,842
Parks & Recreation
Planning & Development
4,500,000
4,000,000
3,500,000
3,000,000
2,500,000 01
2,000,000
1,500,000
1,000,000
500,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
Current Year -Budget Prior Year
City of Edmonds, WA
Monthly Expenditure Report -Parks & Recreation
2024
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
498,850 $
498,850 $
453,277
$ 453,277
-9.14%
February
986,757
487,907
470,870
924,147
-6.35%
March
1,483,576
496,818
491,227
1,415,374
-4.60%
April
1,955,557
471,981
483,624
1,898,998
-2.89%
May
2,461,256
505,698
June
2,984,923
523,667
July
3,580,661
595,738
August
4,186,784
606,123
September
4,840,484
653,700
October
5,394,700
554,215
November
5,962,605
567,905
December
6,520,597
557,992
Parks & Recreation
500,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
� Current Year Budget � Prior Year
*The monthly budget forecast columns are based on a five-year average.
13
Packet Pg. 107
DEPARTMENT EXPENSE SUMMARY
I 2.4.a I
City of Edmonds, WA
Monthly Expenditure Report - Fund 016 - Building Maintenance Fund
2024
Fund 016 - Building Maintenance Fund
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
93,773 $
93,773 $
February
187,546
93,773
March
281,318
93,773
April
375,091
93,773
May
468,864
93,773
June
562,637
93,773
July
656,410
93,773
August
750,182
93,773
September
843,955
93,773
October
937,728
93,773
November
1,031,501
93,773
December
1,125,275
93,773
Facilities Maintenance
138,032 $ 138,032 47.20%
481,478 619,510 230.33%
9,472 628,982 123.58%
2,113 631,095 68.25%
Fund 016 -Building Maintenance Fund
1,200,000
1,100,000
1,000,000
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
JAN FEB MAR APR MAX JUN JUL AUG SEP OCT NOV DEC
�Cunent Year Budget Prior Year
City of Edmonds, WA
Monthly Expenditure Report -Facilities Maintenance
2024
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
156,775 $
156,775 $
280,811
$ 280,811
79.12%
February
389,674
232,899
265,070
545,881
40.09%
March
593,572
203,898
223,593
769,473
29.63%
April
769,278
175,706
218,971
988,445
28.49%
May
948,275
178,997
June
1,082,249
133,974
July
1,241,211
158,962
August
1,449,110
207,898
September
1,701,700
252,590
October
1,994,272
292,572
November
2,251,849
257,577
December
2,638,179
386,330
Facilities Maintenance
500,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
� Cutreat Year Budget � Prior Year
*The monthly budget forecast columns are based on a five-year average.
14
Packet Pg. 108 1
DEPARTMENT EXPENSE SUMMARY
I 2.4.a I
City of Edmonds, WA
Monthly Expenditure Report -Engineering
2024
Engineering
Cumulative Monthly Monthly YTD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
301,531 $
301,531 $
283,081
$ 283,081
-6.12%
February
604,565
303,034
286,618
569,699
-5.77%
March
913,824
309,259
255,452
825,151
-9.70%
April
1,223,821
309,997
270,205
1,095,355
-10.50%
May
1,553,842
330,021
June
1,868,266
314,424
July
2,185,239
316,973
August
2,491,236
305,997
September
2,797,476
306,240
October
3,102,475
304,999
November
3,439,952
337,477
December
3,777,853
337,901
*The monthly budget forecast columns are based on a five-year average.
15
Packet Pg. 109 1
UTILITY REVENUE SUMMARY
I 2Aa I
City of Edmonds, WA
Monthly Revenue Summary -Meter Water Sales
2024
Meter Water Sales
Cumulative Monthly
Budget Forecast Budget Forecast
Monthly
Actuals
YTD
Actuals
Variance
%
January
$ 907,961 $
907,961 $
927,056
$ 927,056
2.10%
February
1,542,839
634,878
621,940
1,548,996
0.40%
March
2,440,331
897,492
909,697
2,458,693
0.75%
April
3,042,049
601,718
621,429
3,080,122
1.25%
May
3,934,362
892,313
June
4,637,093
702,731
July
5,733,149
1,096,056
August
6,665,886
932,738
September
7,911,002
1,245,116
October
8,816,518
905,516
November
9,832,625
1,016,107
December
10,472,890
640,265
City of Edmonds, WA
Monthly Revenue Summary -Storm Water Sales
2024
Storm Water Sales
Cumulative
Monthly
Monthly
YTD
Variance
Budget Forecast Budget Forecast
Actuals
Actuals
%
January
$ 493,589 $
493,589 $
474,260
$ 474,260
-3.92%
February
1,573,695
1,080,106
1,031,693
1,505,952
-4.30%
March
2,071,892
498,197
474,260
1,980,212
-4.42%
April
2,515,478
443,586
422,071
2,402,283
-4.50%
May
3,014,352
498,874
June
3,458,035
443,682
July
3,948,598
490,563
August
5,030,812
1,082,214
September
5,530,169
499,357
October
5,974,369
444,200
November
6,473,743
499,375
December
6,901,960
428,217
Storm Rater Sales
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
lee
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
� Current Year -Budget - Prior Year
*The monthly budget forecast columns are based on a five-year average.
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Packet Pg. 110
UTILITY REVENUE SUMMARY
I 2.4.a I
City of Edmonds, WA
Monthly Revenue Summary-Unmeter Sewer Sales
2024
Unmeter Sewer Sales
Cumulative Monthly Monthly TrD Variance
Budget Forecast Budget Forecast Actuals Actuals %
January $
1,013,537 $
1,013,537 $
1,015,482
$ 1,015,482
0.19%
February
1,857,511
843,974
844,792
1,860,273
0.15%
March
2,866,119
1,008,607
1,013,271
2,873,545
0.26%
April
3,710,735
844,616
855,525
3,729,070
0.49%
May
4,725,346
1,014,611
June
5,572,110
846,764
July
6,598,121
1,026,011
August
7,448,415
850,294
September
8,502,903
1,054,488
October
9,361,565
858,662
November
10,395,964
1,034,399
December
11,238,143
842,179
Unmeter Sewer Sales
111,000,000
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
� Current Year -Budget � Prior Year
*The monthly budget forecast columns are based on a five-year average.
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Packet Pg. 111
I 2.4.a I
UTILITY EXPENSE SUMMARY
Title
CITY O F EDMO NDS
EXPENDITURES - UTILTIY- BY FUND IN SUMMARY
2024 Adopted 4/30/2023 4/30/2024
Budget Expenditures Expenditures
Amount
Remaining
% Spent
WATER UTILITY FUND
$ 13,837,584 $ 2,365,948 $
2,384,486
$ 11,453,098
17%
p
STORM UTILITY FUND
9,697,422 1,476,863
1,560,446
8,136,976
CL
16%
SEWER/WWTP UTILITY FUND
23,397,507 4,492,987
5,222,885
18,174,622
22%
BOND RESERVE FUND
1,988,830 -
-
1,988,830
O
0%
$ 48,921,343 $ 8,335,797 $
9,167,817
$ 39,753,526
19%
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Packet Pg. 112
INVESTMENT PORTFOLIO SUMMARY
I 2Aa I
Agency/
Investment
Issuer
Type
FM
Bonds
FNMA
Bonds
FFCB
Bonds
FHLB
Bonds
Spokane County WA
Bonds
First Financial - Waterfront Center
CD
FHLMC
Bonds
Farmer Mac
Bonds
FHLB
Bonds
US Treasury Note
Note
FFCB
Bonds
Farmer Mac
Bonds
FHLMC
Bonds
Farmer Mac
Bonds
First Financial - ECA
CD
TOTAL SECURITIES
Washington State Local Gov't Investment Pool
TOTAL PORTFOLIO
City of Edmonds Investment Portfolio Detail
As of April 30, 2024
Years
Purchase to Par Market
Price Maturity Value Value
996,082
0.13
1,000,000
996,570
992,693
0.17
1,000,000
993,630
1,960,906
0.37
2,000,000
1,985,265
950,774
0.55
1,000,000
976,713
207,260
0.59
200,000
196,238
245,000
0.66
245,000
245,000
974,798
0.87
1,000,000
987,312
1,995,088
0.96
2,000,000
1,984,983
969,524
1.24
1,000,000
982,135
964,597
1.29
1,000,000
975,117
1,982,692
1.61
2,000,000
1,968,385
1,994,172
1.76
2,000,000
1,962,420
993,661
2.23
1,115,000
1,013,442
2,057,309
2.55
2,305,000
2,094,418
2,803,516
3.55
2,803,516
2,803,516
20,088,073
1.24
20,668,516
20,165,144
Issuer Diversification
First Spokane
Financial
Farmer CD, 15% County
WA, 1%
Mac, 31%
FFCB, 19%
FHLMC, FHLB,
t 10% 10% /
39,145,062 39,145,062
$ 59,813,578 $ 59,310,206
Maturity
Date
06/17/24
07/02/24
09/ 13/24
11/18/24
12/01 /24
12/27/24
03/13/25
04/17/25
07/28/25
08/15/25
12/08/25
02/02/26
07/22/26
11/17/26
11/15/27
Demand
Cash and Investment Balances
(in $ Millions)
a
Note,
Bonds, CheckilL
$12.3
$1.00, 2%
$16.62, 17%
�
23%
CD's, $3.05
State LGIP,
4%
$39.15 ,
54%
Coupon
Rate
2.80%
1.75%
3.50%
0.90%
2.10%
2.47%
3.75%
4.25%
3.60%
3.13%
4.13%
3.95%
0.83%
1.15%
2.96%
5.40%
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Packet Pg. 113 1
INVESTMENT PORTFOLIO SUMMARY
2.4.a
.,L,000,000
$1,500, 000
;1,000, 000
$500,000
Annual Interest Income
2019 2020 2021
$1,683,872
$1,091,709
-,-t -m-
2022 2023 YTD 2024
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Packet Pg. 114
2.4.a
City of Edmonds
2024 General Fund (001) Cash Flow Report (with ACTUALS)
Difference
Revenues
Jan Actual
Feb Actual
Mar Actual
Apr Actual
Mav Forecast
1,131,462
Jun Forecast
76,411
Jul Forecast
35,181
Aug Forecast
76,462
Sep Forecast
248,081
Oct Forecast
5,795,219
Nov Forecast
Dec Forecast
Total (Forecast)
eudaet
inc/(dec)
Property Tax
21,016
366,893
755,437
6,153,028
1,034,766
55,068
15,749,025
15,905,500
(156,475)
Sales Tax
1,061,193
1,158,271
948,328
949,258
111501839
1,076,485
1,160,108
1,220,580
1,141,366
1,180,429
1,221,687
1,106,203
13,374,747
13,459,600
(84,853)
Amusements & Utility Tax
513,836
865,277
655,472
567,877
684,900
569,899
607,308
621,376
654,521
388,708
727,016
588,611
7,444,801
7,743,849
(299,048)
Excise & Other Taxes
-
81,406
-
2,448
83,920
200
-
77,091
213
-
84,940
73
330,291
326,000
4,291
License & Permits
298,154
162,918
68,969
322,066
80,808
67,169
308,068
78,413
59,292
225,430
205,556
64,318
1.941,162
1,993,750
(52,588)
Other Governments & Grants
187,239
-
112,069
138,735
129,875
67,239
63,351
872
81,342
41,462
458,016
216,596
1.496,796
1,204,710
292,086
Service Fees
159,253
194,102
1,091,628
239,048
527,058
249,603
181,275
354,401
570,814
220,758
162,921
6IZ426
4.563,288
4,093,512
469,776
Interfund Service Fees'
138,726
507,933
313,147
334,873
584,520
-
318,277
330,866
327,237
333,333
298,814
(3,487,727)
(0)
4,027,314
(4,027,314)
Fines & Penalties
19,021
29,017
-
91,609
51,621
3,714
116,118
54,167
83,341
65,725
-
157,954
672,287
902,350
(230,063)
Miscellaneous
133,900
50,526
61,266
87,751
75,218
86,647
84,311
68,229
69,815
154,656
161,953
91,383
1.125,655
1,009,132
116,523
Disposal of Capital Assets
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Transfers
-
385,274
-
-
-
5,801
-
-
-
-
-
-
391,075
391,075
-
2,532,339
3 801 618
4 006 316
8 886 692
4 500 221
2 203 168
2 873 997
2 882 457
3 236 622
8 405 720
4 355 669
595 095
47,6S9124
51 056 792
3 967 668
Salaries
1,868,992
1,860,417
1,848,525
1,975'160
1,930,498
1,954,985
1,867,167
1,863,480
2,025,147
1,961,797
1,967,533
(2,062,689)
19,061,012
23,095,383
(4,034,371)
Overtime
116,684
93,279
54,727
76,584
51,175
48,441
56,444
36,785
76,597
50,078
68,399
63,737
792,930
643'080
149,850
Holidav Buvback
-
-
-
-
-
-
-
5,385
6,804
-
267,524
5,374
285,087
294,001
(8,914)
Benefits
740,340
702,129
684,991
745,469
646,788
647,737
629,138
632,488
656,335
658,633
687,606
703,426
8,135,080
7,868,408
266,672
Uniforms
13,909
8,879
12,072
4,764
11,014
12,098
8,812
1ZO40
10,528
16,952
3,503
12,494
127,065
126,931
134
Pension
2,932
-
5,864
2,932
15,028
18,573
9,024
9,024
9,024
9,024
5,929
5,929
93,282
141.668
(48,386)
Supplies
13,474
28,205
36,924
25,194
51,093
59,337
39,905
72,588
85,460
100,520
58,575
58,009
629,284
677.285
(48,001)
Small Equipment
1,388
5,978
935
5,873
16,427
33,565
56,870
33,135
1,922
22,233
5,898
24,305
208,530
239.791
(31,261)
Professional Services
414,539
504,373
572,676
405,136
768,839
783,131
814,799
1.304,225
821,729
269,288
1,918,227
839,211
9,416,164
10,918.360
(1,502,196)
Communications
11,170
8,838
20,583
25,147
29,165
10,264
26,070
17,551
34,598
15,055
1Z 715
31,590
242,746
236.105
6,641
Travel
695
2,208
4,646
1,304
8,965
3,850
4,930
8,506
1,322
5,606
5,631
3,796
51,459
51,187
272
Excise Taxes
2,725
2,136
3,250
2,554
Z074
L000
Z236
Z265
4,526
3,029
1,991
1,737
30,523
30.000
523
Interfund Rent
315,916
322,079
323,652
319,860
315,330
16,713
603,770
334,047
379,679
339,333
346,494
356,295
3,973,168
3,913.541
59,627
Insurance
910,495
-
-
-
-
-
-
-
-
-
-
-
910,495
883.686
26,809
Utilities
56,826
45,879
62,960
62,997
66,856
25,149
92,168
41,350
82,425
48,493
59,192
70,584
714,879
663.800
51,079
Repair & Maint
81,539
22,811
34,904
29,285
80,103
5,669
4,183
22,606
11,088
43,536
15,576
12,594
364,894
388.300
(23,406)
Miscellaneous
66,908
74,660
42,575
34,243
23,874
18,237
17,989
19,426
47,230
43,393
88,755
19,804
497,085
424.867
72,218
Contingencv
-
25,000
-
-
-
-
-
-
-
-
-
-
25,000
25.000
-
Transfer
-
-
-
-
-
537,827
-
-
-
-
62,695
49,478
650,000
650.000
-
BuildingfCaoital)
34,040
-
-
-
-
-
-
-
-
-
-
-
34,040
-
34,040
Machinery & Equipment (Capital)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Constructlon fCanital)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Lease
-
-
-
44,224
25,000
25,000
25,000
25,000
25,000
25,000
25,000
25,000
244,224
300.000
(55376)
Debt - Principal
-
-
-
-
-
-
-
-
-
-
-
197,120
197,120
197.120
-
Debt - Interest
-
-
9,562
21,356
-
51,890
-
-
-
-
-
61,890
154,698
123,780
30,918
Debt - Other
500
500
500
4,652,570
3,706,872
3,718,847
3,782,082
4,042,229
4,264,466
4,258,505
4,439,881
4,280,414
3,611,970
5,601,243
480,184
46,839,263
51,892,793
(5,053,530)
Net Revenue/(Expenditures) 1 (2,120,2311 94,746 1 287,469 1 5,104,610 1 457,992 1 (2,061,298) 11,384.508)(1,557,424)1 11,044.39214.793,750 1 11,245,5741 (1,075,279) 249,861 1 (836,001) 1,085,862
Changes in AR 30,743 30,894 (8,337) 16,329
Changes in AP (256,704) (227,711) 31,069 175,337
Cash Balance 1 (2.511.077)(2.613.147) (2.302,946)1 2,993,329
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Packet Pg. 115
2.5
City Council Agenda Item
Meeting Date: 05/14/2024
Council Rules of Procedure Section 1 & 2 Authority and Council Organization
Staff Lead: Council President Olson
Department: City Council
Preparer: Scott Passey
Background/History
In 2013, the City Council passed Resolution No. 1295, which adopted Robert's Rules of Order as its
parliamentary authority for the conduct of City Council meetings. In December 2013, the Council passed
Resolution No. 1306 adopting a Code of Conduct and in June 2015, the Council approved a Code of
Ethics by motion. On January 25, 2021, the Council adopted a new Code of Conduct by motion.
Because Resolution No. 1295 is limited to parliamentary procedure in the context of Council meetings,
such rules do not address many other processes and procedures in the conduct of City business. It is
thought that a more comprehensive set of rules would provide greater understanding and transparency
about the roles, rights, and responsibilities of councilmembers and facilitate the orderly conduct of
business within the context of council meetings.
The draft rules of procedure address Council organization, duties of officers, agenda preparation,
meeting management, consent agenda, public testimony, decorum, motions, and other important areas.
The draft also includes Council's recent adoption of a Code of Conduct as Section 6; this was done to
consolidate all applicable rules into one document.
It is important to note that many provisions of these rules of procedure are already governed by other
codes, statutes, and rulings. Any provision that is footnoted with a citation to the Revised Code of
Washington (RCW), the Edmonds City Code (ECC), or other statute or ruling is included for ease of
reference only and is not intended to be adopted as a rule because it already constitutes governing law.
Provisions that are not footnoted with a citation to the RCW or ECC are adopted by City Council
resolution as the Council's procedural rules and may be amended at any time by subsequent resolution.
On April 6, 2021, the Council passed Resolution 1470, which established that the Council adopted its
own Code of Conduct separate from that which applies to the Mayor and members of City boards,
commissions, committees, and work groups. The proposed Rules of Procedure and the Code of Conduct
were presented and discussed on February 4, 2020, January 26, 2021, and April 6, 2021. For comparison
purposes, prior drafts of the rules of procedure are included in the online Council meeting packets of
February 4, 2020 and March 3, 2020.
On April 6, 2021, a motion was passed to table consideration of the draft Rules of Procedure for a period
of three weeks. The draft rules were scheduled on the June 1, 2021 council agenda, but consideration
was postponed due to lack of time.
Packet Pg. 116
2.5
On August 3, 2021, the Council considered the draft rules, made amendments, and instructed the city
attorney to bring back additional language for potential amendments to various sections of the rules.
A new Section 7 entitled "Code of Ethics" has been added to incorporate the Code of Ethics adopted by
the City Council on June 2, 2015.
Recommendation
Place approval of Council Rules of Procedure Section 1- Authority and Section 2 - Council Organization
on next available consent agenda.
Narrative
It is thought that approving the draft Rules of Procedure by Section, or in segments, would be the most
practical approach to accomplishing this 2024 goal. The draft includes 14 sections, as follows:
SECTION 1. AUTHORITY - on PPW committee agenda 5/14/2024
SECTION 2. COUNCIL ORGANIZATION - on PPW committee agenda 5/14/2024
SECTION 3. AGENDA PREPARATION - amended and approved 3/26/2024
SECTION 4. CONSENT AGENDA
SECTION 5. COUNCIL MEETINGS
SECTION 6. COUNCIL CONDUCT
SECTION 7. CODE OF ETHICS
SECTION 8. PUBLIC TESTIMONY - amended and approved 4/16/2024
SECTION 9. MOTIONS
SECTION 10. ITEMS REQUIRING FOUR VOTES
SECTION 11. ITEMS REQUIRING A UNANIMOUS VOTE
SECTION 12. COUNCIL REPRESENTATION
SECTION 13. REIMBURSEMENT OF EXPENSES - approved 4/16/2024
SECTION 14. SUSPENSION AND AMENDMENT OF RULES
Proposed Workplan for Adopting Council Rules of Procedure
1. Address the draft rules of procedure by section or segments, starting with the most
timely/highest priority section(s).
2. Focus on one segment each month:
a. City Clerk and Council staff review and indicate any recommended revisions.
b. Council President review.
C. Place on agenda for review of Council Committee
d. If committee recommends segment for council approval on consent - place on a future
consent agenda for approval and implement that segment as adopted policy.
e. If committee recommends revisions or full council discussion - add to future council
business when agenda time allows.
Once all segments are approved, adopt a resolution with the comprehensive set of rules of procedures
as an attachment.
SECTION 1; AUTHORITY
Packet Pg. 117
2.5
SECTION 2; COUNCIL ORGANIZATION
Attachments:
ROP Section 1 & 2 - redline
Packet Pg. 118
2.5.a
Section 1. Authori
1.1 These rules constitute the official rules of procedure for the Edmonds City
Council. In all decisions arising from points of order, the Council shall be
governed by the current edition of Robert's Rules of Order," a copy of which is
maintained in the City Council Office.
1.2 These rules of procedure are adopted for the sole benefit of the members of the
City Council to assist in the orderly conduct of Council business. These rules of
procedure do not grant rights or privileges to members of the public or third N
parties. Failure of the City Council to adhere to these rules shall not result in any 06
liability to the City, its officers, agents, and employees, nor shall failure to adhere C
to these rules result in invalidation of any Council act. °
11
1.3 Any provision of these rules of procedure that is footnoted with a citation to the
Revised Code of Washington, the Edmonds City Code, or other statute or ruling
is included here for ease of reference only and is not intended to be adopted as a
rule herein because it already constitutes governing law. Likewise, any conflict
between such a provision and the law cited in the footnote shall be resolved in
favor of the law cited in the footnote. Provisions herein that are not footnoted with
a citation to the Revised Code of Washington or the Edmonds City Code have
been adopted by City Council resolution as the Council's procedural rules and
may be amended at any time by subsequent resolution.
Section 2. Council Oraanization.
2.1 New Councilmembers shall be sworn in by one of the following persons: court
commissioner, judicial officer, judge, clerk of the court, county auditor or deputy
auditor, county commissioner or county councilmember, mayor of a code city, a
town, or a second-class city, mayor pro tem of a second-class city, clerk of a
code city, town clerk or deputy clerk.
2.2. The Council shall elect a Council President and Council President Pro Tern for a
one-year term. The election of the Council President shall be conducted by the
City Clerk. No one Councilmember may nominate more than one person for a
given office until every member wishing to nominate a candidate has an
opportunity to do so. Nominations do not require a second. The Clerk will repeat
each nomination until all nominations have been made. When it appears that no
one else wishes to make any further nominations, the Clerk will ask again for
further nominations and if there are none, the Clerk will declare the nominations
closed. A motion to close the nominations is not necessary. After nominations
have been closed, voting for Council President takes place in the order
nominations were made. Councilmembers will be asked to vote by a raise of
hands. As soon as a nominee receives a majority vote (four votes), the Clerk will
declare him/her elected. No votes will be taken on the remaining nominees. If
Packet Pg. 119
2.5.a
none of the nominees receives a majority vote, the Clerk will call for nominations
again and repeat the process until a single candidate receives a majority vote.
The same process is conducted for the election of the Council President Pro
Tem.
2.3 Duties of Officers
A. The Mayor shall be the Presiding Officer at all Council Meetings except
Council Committee Meetings. In the absence of the Mayor, the Council
President shall become Mayor Pro Tem and act as the Presiding Officer,
performing the duties and responsibilities regarding conduct of meetings
and emergency business. In the absence of both the Mayor and the
Council President, the Council President Pro Tem shall act as a temporary
Presiding Officer.
B. It shall be the duty of the Presiding Officer to:
1. Call the meeting to order.
2. Keep the meeting to its order of business.
3. Control discussion in an orderly manner.
a. Give every Councilmember who wishes an opportunity to
speak when recognized by the chair.
b. Permit audience participation at the appropriate times.
C. Require all speakers to speak to the question and to observe
Robert's Rules of Order.
4. State each motion before it is discussed and before it is voted
upon.
5. Put motions to a vote and announce the outcome.
C. The Presiding Officer shall decide all questions of order, subject to the right
of appeal to the Council by any member.
2.4 Appointments to Boards and Committees'
The Council President shall appoint Councilmembers to Council subcommittees
and outside boards and committees that are not otherwise specified or governed
by other rules. Prior to appointment, the Council President shall solicit interest
from Councilmembers for their preferred appointments. The Council President
shall then circulate the final appointment list to the Council at least seven (7)
days prior to appointment. The Council President shall make his or her
appointments as soon as practicable, following election of the Council President.
2.5 Filling a Council Vacancy
' ECC 1.02.031(B)
Packet Pg. 120
2.5.a
A. If a vacancy occurs in the office of Councilmember, the Council will follow
the procedures outlined in the Revised Code of Washington 2. To fill the
vacancy with the most qualified person available until an election is held,
the Council will widely distribute and publish a notice of the vacancy at
least two weeks in advance, the procedure by which the vacancy will be
filled, and an application form.
B. The Council staff will draw up and Council will approve an application form
to aid the Council's selection of the new Councilmember.
C. Those candidates selected by the Council will be interviewed by the
N
06
Council during a regular or special Council meeting open to the public.
C
The order of the interviews will be determined by drawing the names
2
order to make inteNiews fair, onnlinants will be asked o r
d
rn-r
Cn
ei its'de the Gei innil Chambers while ether onnlinontc are being
�
L
inter,. Applicants will be asked to answer questions posed by each
Councilmember during the interview process. The interview process will
o
be designed to be fair and consistent. Since this is not a campaign, a
comments about other applicants will not be allowed. o
D. The Council may recess into executive session to discuss the
qualifications of all candidates. Nominations, voting and appointment of a
person to fill the vacancy will be conducted during an open public meeting
E. The term of an appointed Council position expires upon certification of the
next election.
RCW 42.12.070
Packet Pg. 121