(1) The “contingency fund” is created as a special revenue fund.

(2) Per RCW 35.33.145, the fund created in this section is to provide monies with which to meet any municipal expense, the necessity or extent of which could not have been foreseen or reasonably evaluated at the time of adopting any annual budget, or from which to provide monies for such emergencies lawfully justifying emergency expenditures, or to supply deficiencies in any other fund arising from any cause.

(3) The fund may be supported by a budget appropriation from any tax or other revenue source, not restricted in use by law, or may also be supported by a transfer from other unexpended or decreased funds made available by ordinance.

(4) The total amount of monies in the fund accumulated at any given time may not exceed the equivalent of $0.375 per $1,000 of assessed valuation of property within the city.

(5) Any monies in the “contingency fund” at the end of any fiscal year may not lapse, except upon reappropriation by the council to another fund in the adoption of any subsequent budget. (Ord. 1520 § 1 (Exh. A), 2023).