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HomeMy WebLinkAboutFinancial resolutionChimacum Drainage District Financial Resolution Resolution number 2026-R001-0723 Adopted July 23, 2026 The Chimacum Drainage District board shall implement and maintain sound financial management of the entrusted resources provided by the taxpayers and other sources of funding, consistent with the District’s mission. • In accordance with state law, RCW 27.12.070, the Jefferson County Office of the Treasurer serves as the District’s fiscal agent. • The District will comply with all statutory budget, property tax, and financial reporting requirements and due dates established by both Washington State and Jefferson County. • The District’s financial reporting will be on a cash basis and will follow the prescribed Budget, Accounting, and Reporting System (BARS) for cash basis entities as prescribed by the Washington State Auditor’s Office. • The fiscal year of the District is January 1st through December 31st . • The District Board will establish and manage an Investment Policy and a Fund Management Policy to ensure long-term budget sustainability. Budget, Revenues, and Expenditures The Board approves an annual budget defining anticipated revenues and operating expenditures. • At an October Board Meeting, the preliminary budget for the following year is submitted for public inspection and comment. At a November Board Meeting, the budget is formally adopted by the Board and a Resolution adopting this final budget is transmitted to the Board of County Commissioners as required by State Law (RCW 27.12.050). • Beginning in 2028, operations are funded from current year revenues. Permitted exceptions include, but are not limited to, transferring funds between accounts, or the incurring of debt. • Amended or revised budgets may be adopted by the Board as needed. Funds District Funds are established and managed as specified in the Fund Management Policy. They include: • General Fund This fund is used to carry out the District’s normal operations and maintenance activities. District Responsibilities The Board designates the board to carry out the following responsibilities: • Establish a budget system and administer the budget process. • Establish and maintain financial procedures for managing the District’s cash. Document, keep prudently current, and enforce such financial procedures as an implementation of this fiscal policy. • Administer a cash-flow system as an anticipatory approach to budget for and meet the District’s expenditure needs for future operations, including bill management. • Furnish to the Board financial reports on a monthly basis. Board Responsibilities The Board or their designee is responsible for the following: • Assist with budget development. • Approve, by resolution, the annual budget and any budget amendments/revisions. • Submit resolution and budget to county commissioners. • Regularly review financial reports. • Approve voucher payments. • Approve transfer of funds between accounts as needed. • Participate in annual report and audit processes. Adopted and approved this 23 day of July, 2026 Chimacum Drainage District Commissioners Chair: Crystal Taggart Vice Chair: Chuck Boggs Secretary: Kristofer Sims Investment of Funds Policy for the Chimacum Drainage District The Chimacum Drainage District Board shall implement and maintain sound financial management of the entrusted resources provided by the taxpayers and other sources of funding, consistent with the District’s mission. In accordance with state law, RCW 27.12.070, the Jefferson County Office of the Treasurer serves as the District’s fiscal agent. Investment of Funds The District maintains long-term budget sustainability based on projected expenditure commitments and compensation practices that are consistent with long-term revenue projections. The Board shall make all investment decisions. Funds may be held jointly in both liquid accounts (such as cash or the State Local Government Investment Pool) and investment accounts (such as Certificates of Deposit or other opportunities made available by the Jefferson County Office of the Treasurer). Adopted and approved this 23 day of July, 2026 Chimacum Drainage District Commissioners Chair: Crystal Taggart Vice Chair: Chuck Boggs Secretary: Kristofer Sims