It is the policy of the city that funds may be established, with approval by city council and as the need arises, to account for specific and significant capital improvements for which separate fund accounting is prudent and/or prescribed by the Washington State Auditor's Office. Such funds will account for the receipt and disbursement of resources used to construct, acquire, improve upon or otherwise enhance city governmental or business-type infrastructure, parks, facilities, roadways, equipment or any other such item that qualifies as a capital asset of the city in accordance with city policy. The assignment of fund numbers and designation of governmental or business-type will be carried out by the finance director in accordance with the Washington State Auditor's Office and/or generally accepted accounting practices. Once the need for any such funds has been eliminated the funds will be closed, except for those funds in which there are ongoing capital resources and disbursements occurring, which are those authorized in WRMC 3.66.015, Street fund, 3.66.030, Real estate excise tax fund, 3.66.035, Real estate excise tax fund – Street overlay, and 3.66.040, Transportation improvement program fund.
(Ord. 8-15 § 1, 2015)