A. There is hereby created a fund, entitled “rainy day fund,” for the purpose of providing moneys with which to meet any municipal expense, including without limitation for emergencies and other temporary, one-time or otherwise unanticipated expenditures. No money shall be withdrawn from the fund except by transfer to the appropriate operating fund authorized by ordinance of the city council, adopted by a vote of the majority of the entire council. Any request for transfer shall clearly state the facts constituting the reason for the withdrawal or the emergency, as the case may be, and specify the fund to which the withdrawn money shall be transferred. The target balance of the rainy day fund shall be ten percent of the budgeted operating expenditures of the general fund. If the council approves use of the rainy day fund which causes the balance to fall below the target the balance shall be increased by at least one percent per year until the target balance is met. The rainy day fund shall be maintained and administered in compliance with applicable state law requirements, including without limitation all applicable rules of the Washington State Auditor.

B. The balance in the fund currently titled “contingency fund” shall be transferred to the new “rainy day fund” established by subsection A of this section. (Ord. 1203-22 §§ 2, 3, 2022).