The deposit sub-fund is hereby created in the city of Fife accounting system.
(Ord. 2054 § 2, 2021)
The purpose of this fund is to track all deposit revenues and expenses within the accounting system for the city of Fife, into which will be deposited all monies received as deposits such as property rental damage deposits, landscaping and performance bond deposits, and developer's deposits for permitting.
(Ord. 2054 § 3, 2021)
There shall be placed into the deposit sub-fund receipt of refundable security deposits or other refundable deposits, retainage in accordance with RCW 39.08.010 for public work projects or in accordance with policy for other types of contracts (such as, surety and performance bonds) and as prescribed by the State Auditor's office.
(Ord. 2054 § 4, 2021)
The city may use monies deposited into this account to reimburse refundable security deposits or other refundable deposits, retainage for public work projects or in accordance with policy for other types of contracts such as, surety and performance bonds for which the city has money in custody. Disbursements from the deposit sub-fund may not account for deposits that may not be reported in the general fund such as hydrant meter deposits.
(Ord. 2054 § 5, 2021)