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Director Kate Fairborn explains why Spokane runs 130+ funds and how municipal accounting works
Summary
Director Kate Fairborn told the Spokane City Council that multiple fund types, state accounting codes and GASB standards exist to ensure legal accountability and transparency; she said those systems create the more than 130 funds in the city budget and help auditors trace restricted dollars.
Director Kate Fairborn presented a primer on municipal accounting at a Spokane City Council study session, explaining why the city maintains more than 130 separate funds and how those fund types enforce legal and managerial accountability.
"Municipal accounting seeks to provide greater accountability rather than focusing on profitability," Fairborn said, describing the system as a tool to ensure money is used "as we promised." She said Spokane uses state coding conventions and generally accepted government reporting standards so auditors and the public…
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