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Council approves ordinance to reorganize Mountlake Terrace fund structure
Summary
Mountlake Terrace council adopted an ordinance reorganizing city fund accounting to improve transparency, moving several special revenue items into clarified fund types and creating new reserve funds; council emphasized the changes do not alter existing spending restrictions.
The Mountlake Terrace City Council adopted an ordinance on Oct. 2 that reorganizes how the city classifies and tracks its accounting funds, a finance initiative staff said will improve transparency and simplify annual reporting to the state auditor.
Finance director Sergei Solomon introduced the proposal and explained staff recommendations to inactivate funds with no activity, reclassify some special revenue funds as capital or general-type funds, add designated reserve funds (fleet reserve, capital reserve), create a separate transportation impact fee fund, and add a custodial fund to consolidate legacy pass-through accounts.
Solomon said the changes are…
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