Resolution 1535RESOLUTION NO. 1535
A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF
EDMONDS, WASHINGTON, AUTHORIZING THE USE OF
GENERAL FUND OPERATING RESERVES FOR 2024
GENERAL FUND EXPENSES
WHEREAS, the City of Edmonds adheres to the Fund Balance Reserve Policy adopted on July 2, 2019
by Resolution 1433; and
WHEREAS, on November 6, 2023, the city council adopted Resolution 1532, which recognized a de
facto fiscal emergency and authorized the use of General Fund Operating Reserves to support the fiscal
year 2023 General Fund operations; and
WHEREAS, the fiscal emergency recognized in Resolution 1532 has not ended; and
WHEREAS, the budget that is to be adopted for fiscal year 2024 will likely have General Fund expenses
exceeding General Fund revenues by approximately $836,001; and
WHEREAS, it is necessary to make an appropriation from fund balance anytime that General Fund
expenses exceed General Fund revenue; and
WHEREAS, Article III, section 1 of the Fund Balance Reserve Policy states "(a)ny use of the committed
General Fund Operating Reserves shall be used only in cases of a fiscal emergency", which are broadly
defined to include "economic uncertainties, unforeseen emergencies and unanticipated operating expenses
and revenue shortfalls";
NOW THEREFORE, THE CITY COUNCIL OF EDMONDS WASHINGTON HEREBY RESOLVES AS
FOLLOWS:
SECTION 1. In contemplation of its forthcoming vote to adopt the City of Edmonds
budget for 2024, the city council hereby authorizes the use of no more than $6,091,403
from the General Fund Operating Reserve to support 2024 General Fund expenses, some of
which was previously authorized by Resolution 1532.
RESOLVED this 27th day of December, 2023.
CITY OF EDMONDS
-~
MAYOR, MIKELSON
ATTEST:
~PASSEY
FILED WITH THE CITY CLERK: December 22, 2023
PASSED BY THE CITY COUNCIL: December 27, 2023
RESOLUTION NO. 1535
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