Effective Date of Rule: Immediately.
Purpose: The purpose of these amended WACs is to allow school districts to loan money from their transportation vehicle fund to their general fund in order to maintain a positive cash flow for the general fund. The legislature is delaying a portion of district's June apportionment payment, and to ensure that they will have a positive cash flow they need to be able to borrow from the transportation vehicle fund as well as the capital projects fund.
Citation of Existing Rules Affected by this Order: Amending WAC 392-123-140 and 392-123-145.
Statutory Authority for Adoption: RCW 28A.150.290.
Under RCW 34.05.350 the agency for good cause finds that in order to implement the requirements or reductions in appropriations enacted in any budget for fiscal years 2009, 2010, or 2011, which necessitates the need for the immediate adoption, amendment, or repeal of a rule, and that observing the time requirements of notice and opportunity to comment upon adoption of a permanent rule would be contrary to the fiscal needs or requirements of the agency.
Reasons for this Finding: The legislature is delaying a portion of school district's general apportionment payment from June 30 to July 1, which may affect the cash flow within a district's general fund. To help maintain a positive cash flow, districts will need to borrow from other funds to cover that apportionment delay. To borrow from the transportation vehicle fund, a district would need to pass a board resolution authorizing the loan, which cannot pass without general authority to borrow from the transportation vehicle fund. Due to this condensed timeline, there would be insufficient time to hold public hearings on these rules before districts would need to pass their resolutions to establish the loan.
Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 2, Repealed 0.
Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.
Number of Sections Adopted on the Agency's Own Initiative: New 0, Amended 0, Repealed 0.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 0, Repealed 0.
Number of Sections Adopted Using Negotiated Rule Making: New 0, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 2, Repealed 0.
Date Adopted: May 26, 2011.
AMENDATORY SECTION(Amending Order 83-12, filed 10/10/83)
WAC 392-123-140 Interfund loans allowable. (1) Loans are allowable to the general fund, the transportation vehicle fund, the capital projects fund and the debt service fund. Loans are allowable from the general fund and the capital projects fund. Loans shall not be made to the detriment of any function or project for which the fund was established.
(2) For the month of June 2011 only, loans may originate from the transportation vehicle fund and be used for the general fund.
[Statutory Authority: RCW 28A.65.465. 83-21-027 (Order 83-12), § 392-123-140, filed 10/10/83; 82-19-048 (Order 82-13), § 392-123-140, filed 9/14/82. Statutory Authority: RCW 28A.41.170, 28A.41.055 and 28A.65.465. 81-20-007 (Order 81-18), § 392-123-140, filed 9/24/81; Order 8-76, § 392-123-140, filed 7/23/76; Order 7-75, § 392-123-140, filed 12/22/75. Formerly WAC 392-30-270.]
(2) For loans under WAC 392-123-140(2), the loan must be completely liquidated no later than the last business day of July 2011.
[Statutory Authority: RCW 28A.65.465. 87-09-019 (Order 87-3), § 392-123-145, filed 4/6/87; Order 8-76, § 392-123-145, filed 7/23/76; Order 7-75, § 392-123-145, filed 12/22/75. Formerly WAC 392-30-280.]