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LDin <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />TUKWILA, WASHINGTON, REVISING THE PREVIOUSLY <br />ADOPTED FINANCIAL RESERVE POLICY TO ELIMINATE THE <br />EFFECTS OF GASB 68 FOR PURPOSES OF CALCULATING <br />THE UNRESTRICTED BALANCES OF THE ENTERPRISE <br />FUNDS; AND REPEALING RESOLUTION NO. 1861. <br />WHEREAS, for the well-being and sustainability of the community, its residents, <br />and businesses, it is important that the City of Tukwila be prepared to respond to any and <br />all situations that could result in a risk and/or crisis to the City's finances including, but not <br />limited to, revenue shortfalls and unanticipated expenditures; and <br />WHEREAS, it is the responsibility of the City Council of the City of Tukwila to provide <br />policy direction for the City's biennial budget through the passage of motions and <br />ordinances, adoption of resolutions, and final approval of said budget; and <br />WHEREAS, a financial reserve policy establishes, attains, and restores minimum <br />fund balances, including self-insured health care reserve funds, and specifies review and <br />reporting of such; and <br />WHEREAS, beginning in 2015 the City was required to implement Governmental <br />Accounting Standards Board Statement 68 (GASB 68) related to accounting and <br />reporting for pension plans; and <br />WHEREAS, it is the responsibility of the City to report the effects of GASB 68 in the <br />Comprehensive Annual Financial Report (CAFR), even though the effects are not a <br />current liability of the City; and <br />WHEREAS, the City desires to eliminate the effects of GASB 68 for purposes of <br />calculating the unrestricted balances of the Enterprise Funds; <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, <br />WASHINGTON, HEREBY RESOLVES AS FOLLOWS: <br />Section 1. Minimum Fund Balances. <br />A. At the close of each fiscal year, the General Fund unassigned balance shall <br />equal or exceed 18% and the Contingency Fund reserve balance shall equal or <br />W:\Word Processing\Reserve Policy revised strike-thru 10-30-17 <br />SW:bjs <br />Page 1 of 2 <br />155 <br />