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exceed 10% of the previous year General Fund revenue, exclusive of significant non- <br />operating, non-recurring revenues such as real estate sales or transfers in from other <br />funds. <br />B. At the close of each fiscal year, the unrestricted balances of the Enterprise <br />Funds shall equal or exceed 20% of the previous year revenue, exclusive of the <br />effects of GASB Statement 68, as well as significant non-operating, non-recurring <br />revenues such as real estate sales, transfers in from other funds or debt proceeds. <br />C. Use or draw down of minimum balances shall occur only upon <br />recommendation of City Administration and approval by City Council through a <br />resolution. Should use or draw down occur, the City Administration shall establish a <br />plan, no later than the end of the fiscal year following the year of decline, to restore <br />the fund balance to the prescribed minimum level. The plan shall be presented to <br />and approved by the City Council. <br />Section 2. One-time Revenue Reserve. A One-time Revenue Reserve shall be <br />established and maintained in the Contingency Fund. The One-time Revenue <br />Reserve shall be credited annually with 10% of the prior year one-time revenues to <br />the extent General Fund surplus for the year is sufficient to cover the reserve funding. <br />Use of the reserve shall occur only upon recommendation by City Administration and <br />approval by City Council through a resolution. <br />Section 3. Self-insured Health Care Funds. The City shall maintain a reserve in <br />each of its self-insured health care funds in an amount equal to 1.5 times, or 150%, of <br />the actuarially determined IBNR (incurred but not reported) balance. Use of the <br />reserve shall occur only upon recommendation by City Administration and approval by <br />City Council through a resolution. <br />Section 4. A report showing compliance with the Financial Reserve Policy shall <br />be provided to the City Council on an annual basis, no later than July 1 of each year. <br />Section 5. Repealer. Resolution No. 1861 is hereby repealed. <br />PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, <br />at a Regular Meeting thereof this day of , 2017. <br />ATTEST/AUTHENTICATED: <br />Christy O'Flaherty, MMC, City Clerk Dennis Robertson, Council President <br />APPROVED AS TO FORM BY: <br />Rachel B. Turpin, City Attorney <br />W:\Word Processing\Reserve Policy revised strike-thru 10-30-17 <br />SW:bjs <br />156 <br />Filed with the City Clerk: <br />Passed by the City Council: <br />Resolution Number: <br />Page 2 of 2 <br />