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WHEREAS, the County had entered into contingent loan agreements for over $54
million of the Kitsap County Consolidated Housing Authority beginning in 2000;
WHEREAS, the economic downturn and recession beginning in December 2007 left the
Authority unable to pay its debt; most of that debt came due in 2009;
WHEREAS, the County was required to perform on its legal obligations to loan the
Authority the financing due;
WHEREAS, the requirement to assume the debt has come at a time when the County is
experiencing its own budget challenges due to the economic downtown, and therefore
impacts the County's capacity to meet the service needs for the county's citizenry;
WHEREAS, the County wishes to establish and maintain strict financial policies to
ensure its financial health both now and for the foreseeable future;
WHEREAS, under state law, the County has a Finance Committee, comprised of the
County Auditor, Treasurer and Board Chair; one of the Committee's responsibilities is to
recommend to the Board of Commissioners financial policies;
1. It shall be the stated goal of the County to achieve a strong financial condition
with the ability to:
a. Withstand local and regional economic impacts;.
b. Adjust efficiently to the community's changing service requirements;
c. Effectively maintain and improve the County's infrastructure;
d. Prudently plan, coordinate, review and implement responsible community
development;
e. Provide for effective and sufficient levels of law enforcement and other
protective services to assure public health and safety
•
2. The County will maintain a Finance Committee whose membership includes,
at a minimum: The Chair of the Board of Commissioners, the County Auditor,
and the County Treasurer, who shall act as Chair. The Finance Committee
will meet at least quarterly and review investments, anticipated and actual
revenues, financial trends, and the state of the various County funds.
Further, the Finance Committee will review the County's financial policies at
3. In order to achieve financial health, the County shall not guarantee the debt of
another entity, without first:
4. Prior to issuing debt for any purpose, the County Administrator and/or the
Administrative Services Director shall review the proposed debt instrument
with the County's Finance Committee; the Committee shall make a final
recommendation to the Board of County Commissioners on the debt
issuance.
Steve , Commissioner
2
octA- xv\
• Resolution No. 094-2009
Walter E. Washington
/
Ki ap County Treasurer
il 0 /kit A: fat:31.71.74 ,,
Barbara Stephenson
,
• 3