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RESOLUTION NO. ID
A RESOLUTION of the City Council amending Section 7 of the City's
Long-Range Financial Management Policy.
WHEREAS, on May 20, 2014, a Financial Management Policy for the City of Port
Angeles was adopted by Resolution 10-14; and
WHEREAS, a Long-Range Financial Management Policy serves as a guide for
€ executing the budget and controlling the financial parameters of the various City programs
and services funded in said budget; and
WHEREAS, it is in the best interest of City government to periodically update and
revise its Financial Management Policy to ensure the legal use of financial resources through
an effective system of internal controls and to maintain appropriate financial capacity for
present and future needs; and
WHEREAS, in June, 2016 a new section was added to RCW 39.59 which governs
eligible investments of public funds by local governments. To comply with the new state
statute regarding investment policies, an update of Section 7 is necessary to incorporate
various changes to public fund investing for local governments.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Angeles that effective immediately, Section 7 of the City's Long-Range Financial
Management Policy attached hereto as Exhibit A is hereby amended.
PASSED by the City Council of the City of Port Angeles at a regular meeting of said
Council held on the 4th day of October, 2016.
Patrick Downie, Mayor
ATTEST:
J nmfer Veneklasen, City Clerk
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APPR VED AS TO FO
William E. Bloor, City Attorney