HomeMy WebLinkAbout2021-037 Ordinance Creating Custodial Fund 633 and adding Municipal Code Section 3.126 (second reading)AN ORDINANCE
ORDINANCE NO. 2021-037
authorizing the establishment of a Fiduciary Fund 633
"Custodial Fund" to account for the monies collected on behalf
of another agency and adding Municipal Code Section 3.126.
WHEREAS, the City of Yakima needs the creation of a new fund in order to
implement the new GASB 84 standard concerning fiduciary accounts ; and
WHEREAS, the City has several accounts that fall into the definition of a fiduciary
custodial account such as Leasehold Excise Tax, State Building Code Surcharges, Sales
Tax Payable, etc. ; and
WHEREAS the City desires to establish a new fiduciary fund entitled "Custodial
Fund" for the purpose of combining all accounts into one fund for the ease of compliance
and reporting; and
WHEREAS City Staff has determined that creating a Fiduciary Fund 633 is in the
best interest of the City of Yakima; now, therefore,
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. The City Council does hereby incorporate the above "whereas" recitals
as findings in support of this ordinance to establish a separate Fiduciary Fund to account
for the various custodial activity into one fund.
Section 2. There is hereby added a new City of Yakima Municipal Code Chapter
3.126, which establishes the Custodial Fund for the purpose of combining all custodial
activity into one fund of the City of Yakima.
3.126 Custodial Fund.
A. There is created the Custodial Fund.
B. The Custodial Fund shall consist of monies collected on behalf of
another entity, and disbursed to the appropriate entity at the required
time.
This ordinance is creating a new Fund 633 and adopting City of Yakima Municipal Code
Chapter 3.126, which establishes the Custodial Fund and shall take effect immediately
upon its passage, approval and publication as provided by law and by the City Charter.
PASSED BY THE CITY COUNCIL, signed and approved this 16th day of
November, 2021,
ATTEST:
Son a aar Tee, City Cler
First Reading: November 1, 2021
Publication Date: November 19, 2021
Effective Date: December 19, 2021
1
ITEM TITLE:
SUBMITTED BY:
BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEM ENT
Item No. 4.W.
For Meeting of: November 16, 2021
Ordinance Creating Custodial Fund 633 and adding Municipal
Code Section 3.126 (second reading)
Jennifer Ferrer -Santa Ines, Director of Finance and Budget
Kimberly Domine', Financial Services Manager
SUMMARY EXPLANATION:
The attached Ordinance authorizes the establishment of a "Custodial Fund" to account for the
resources that are held by the City of Yakima in a purely custodial capacity. This fiduciary fund will
allow for separate accountability of these resources as required by the new GASB Statement 84.
ITEM BUDGETED:
STRATEGIC PRIORITY:
NA
Public Trust and Accountability
APPROVED FOR SUBMITTAL BY THE CITY MANAGER
RECOMMENDATION:
Pass Ordinance
ATTACHMENTS:
Description
❑ Ordinance
0 Memo
Upload Date
10/21/2021
10/21/2021
Type
Ordinance
Corer Memo