Information

Type: Deliberation

Department: AUD - Auditor

Directors' Update: March 30, 2022

Business Meeting: April 5, 2022

Summary:

Establish a new capital projects fund - REET I Fund No. 3110

Publications:

Cover Letter To:

Additional Copies To:

Resolution

WHEREAS, RCW 82.46.010 authorizes counties to levy a 0.25% real estate excise tax (REET) known as the "first quarter percent," or REET 1, on all sales of real estate; and

WHEREAS, REET 1 revenues are restricted and may only be used for certain purposes; and

WHEREAS, REET 1 revenues and expenditures are currently recorded in Fund No. 3100, the Capital Facilities Plan Fund; and

WHEREAS, it is in the best interest of Lewis County to record these restricted revenues and expenditures in a separate fund.

NOW THEREFORE BE IT RESOLVED that a capital projects fund to be known as REET 1 Fund No. 3110 is hereby established to account for and report REET 1 financial resources that are restricted, committed, or assigned.

DONE IN OPEN SESSION this 5th day of April, 2022.