Ordinance 37890006.90000
WSS /gjz
4/1/10
ORDINANCE NO. 3789
AN ORDINANCE OF THE CITY OF EDMONDS,
WASHINGTON, ENACTING A NEW CHAPTER 3.04
FINANCIAL REPORTING, AND FIXING A TIME WHEN THE
SAME SHALL BECOME EFFECTIVE.
WHEREAS, the provisions of RCW 35A.34.240 authorize the City Council to
require, not less than quarterly, a report showing the expenditures and liabilities as well as the
receipts of the City, and compare them to existing budget balances, and
WHEREAS, the City Council wishes to review some of the information on a
more frequent basis and therefore request the assistance of the Mayor and staff in providing
monthly summary reports, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO
ORDAIN AS FOLLOWS:
Section 1. Title 3 of the Edmonds City Code is hereby amended by the addition
of a new Chapter 3.04 Financial Reporting.
Chapter 3.04
Financial Reporting
3.04.010
Financial Reporting
3.04.020
Quarterly Reports
3.04.030
Monthly Updates
3.04.040
Quarterly Summaries
3.04.050
Comprehensive Annual Financial Report
3.04.010 Financial Reporting
The City's financial system shall assure that the status and
transactions of each account in a relationship to budget authority is
{WSS779588,DOC;1 \00006.900000\
clear. The form of the City's financial reporting system is
established by the State Auditor and the City shall comply in all
respects with State financial reporting requirements.
3.04.020 Quarterly Reports.
The Mayor and staff shall provide quarterly reports showing the
expenditures and liabilities against each separate budget
appropriation incurred during the preceding reporting period
together with the unexpended balance of each appropriation. The
report shall also show the receipts from all sources.
3.04.030 Monthly Updates.
The City Council requests that the staff provide to the City
Council's finance committee monthly revenue reports. At a
minimum, the following funds are requested to be provided:
REET 1 and 2, Sales and Use Tax, Gas Utility Tax, Telephone
Utility Tax, Electric Utility Tax. A monthly General Fund analysis
of comparing revenue budget to actual and expenditure budget to
actual with the net balance is requested. After review by the
Finance Committee, these reports will be available on the City's
website under the Finance area. All proposed budget amendments
or Council approved changes that will be included in future budget
amendments are requested to be included in the monthly report.
Graphs are requested to be integrated into a report to provide trend
analyses.
3.04.040 Quarterly Summaries.
Quarterly Summaries shall be provided within a minimum of 30
days of quarter -end. Reports should include an: Overview, Major
Revenue Projections, General Revenue Detail, Expenditure
Summary, Expenditure Detail by Fund and Expenditure Detail by
Department. A narrative discussing the trends, the drivers and
assumptions should be included and after Finance Committee
Review, these statements will be made available on the website
under Finance.
3.04.050 Comprehensive Annual Financial Report.
The Comprehensive Annual Financial Report (CAFR) shall be
timely and meet or exceed professional industry standards. A
preliminary CAFR summary will be required by the first month
subsequent to the first quarter.
{WSS779588.D0CJ \00006.900000\ } - 2 -
A. Revenues and expenditures for the General Fund and all
operating funds shall be projected for the ensuing biennium.
Biennium Budget Amendments shall be clearly labeled identifying
the report and date and if any ordinance requires City Council
deliberations, those items shall be highlighted.
B. The City's Budget and Biennial budget documents shall
provide for comparison with prior years.
Section 2. Effective Date. This ordinance, being an exercise of a power specifi-
cally delegated to the City legislative body, is not subject to referendum, and shall take effect
five (5) days after passage and publication of an approved summary thereof consisting of the
title.
APPROV D:
MA OR RY HAAKENSON
ATTEST /AUTHENTICATED :
CITY CLERK, SANDRA S. CHASE
APPROVED AS TO FORM:
OFFICE OF THE C Y ATTORNEY:
BY
&)5W&4V-
W. SCOTT SNYDER
FILED WITH THE CITY CLERK: 04 -02 -2010
PASSED BY THE CITY COUNCIL: 04 -06 -2010
PUBLISHED: 04 -11 -2010
EFFECTIVE DATE: 04 -16 -2010
ORDINANCE NO. 3789
{WSS779588.DOCJ \00006.900000\ } -3 -
SUMMARY OF ORDINANCE NO. 3789
of the City of Edmonds, Washington
On the 6th day of April, 2010, the City Council of the City of Edmonds, passed
Ordinance No. 3789. A summary of the content of said ordinance, consisting of the title,
provides as follows:
AN ORDINANCE OF THE CITY OF EDMONDS, WASHINGTON, ENACTING A NEW
CHAPTER 3.04 FINANCIAL REPORTING, AND FIXING A TIME WHEN THE SAME
SHALL BECOME EFFECTIVE.
The full text of this Ordinance will be mailed upon request.
DATED this 7th day of April, 2010.
,d
C TY CLERK, SANDRA S. CHASE
{WSS779588.DOC;1 \00006.900000\ }- 4 -
STATE OF WASHINGTON,
COUNTY OF SNOHOMISH
n,y
SUMMARY OF( RDINANCE NO. 3789
Ui the City of Edmonds, Washington -
On the 6th day of April, 2010, the City Council of the City of
of .1 s, passed Ordinance No. 3789. A summary of the content
of said ordinance, consisting of the title, provides as follows: .
AN ORDINANCE OF THE CITY -OF EDMONDS, WASHINGTON,
ENACTING .A NEW CHAPTER 3.04 FINANCIAL REPORTING,
AND FIXING A TIME WHEN THE SAME SHALL BECOME
EFFECTIVE.
The full text of this Ordinance will be mailed upon request.
DATED this 7th day of April, 2010.
CITY CLERK, SANDRA S. CHASE
Published: April 11, 2010.
i
APR _,S 2010
Affidavit of Publication
S.S.
The undersigned, being first duly sworn on oath deposes and says that she is Principal Clerk of
THE HERALD, a daily newspaper printed and published in the City of Everett, County of
Snohomish, and State of Washington; that said newspaper is a newspaper of general
circulation in said County and State; that said newspaper has been approved as a legal
newspaper by order of the Superior Courtof Snohomish County and that the notice
Summary of Ordinance No. 3789
Enacting a New Chapter 3.04 Financial Reporting
a printed copy of which is hereunto attached, was published in said newspaper proper and not in
supplement form, in the regular and entire edition of said paper on the following days and
times, namely:
11, 2010
and that said newspaper was regularly distributed to its subscribers during all of said period.
Subscribed and sworn to before me this 12th
day of April, 2010
Notary Public in and
County.
Account Name: City of Edmonds Account Number:
he/State oQVta_k1#" art f$ atVEver_11 ,Snohomish
101416: qr- Rfumber: 0007691692
flr ?t Oyu