King County's prudent financial management and low level of debt have earned the highest possible bond ratings of AAA from all three major rating agencies: Standard & Poor's; Moody's Investors Service; and Fitch Ratings. The King County Council continually implements long-standing financial policies that limit debt levels and maintain healthy general fund reserves. As a result, King County finances capital projects at lower interest rates, saving taxpayers' money on the cost of debt service.
Throughout the year, a standing committee of the Council maintains oversight of the current year's budget:
The Council has also established a number of special offices and initiatives to ensure maximum oversight of public funds:
The Financial Policies Advisory Task Force is a five-member expert review panel whose mission is to protect the County's favorable AAA bond rating. The panel is reviewing the County's financial and debt policies, including policies that call for maintaining adequate reserves and the prudent issuance of debt. The panel will recommend prudent policies to the Council based on best practices in government and industry to help ensure the lowest possible interest rates and safeguard taxpayers against unnecessary taxes. Read more.
The Capital Project Oversight Program in the King County Auditor’s Office was established by council with the 2007 annual budget to provide independent oversight of King County's major capital projects. It is aimed at promoting the delivery of capital projects in accordance with the council approved scope, schedule and budget; and providing timely and accurate capital project reporting. The council has expanded the oversight function each year growing from its original pilot status, reviewing four large capital construction projects, to providing more extensive oversight of management practices for capital projects across all departments in 2009.
Work of a countywide, programmatic nature includes monitoring revisions to countywide procurement and contracting policies and developing criteria that could be used to prioritize major capital projects for funding. For 2009, the CPO Program conducts independent direct project oversight with regular reports to council on these five priority capital projects:
• the Harborview Ninth and Jefferson Building,
• the Brightwater wastewater treatment system,
• the King County Jail's Integrated Security Project and Jail Health project,
• the Accountable Business Transformation Program for integration of payroll, finance, human resource and budget management, and and the Data Center Relocation project.
The office will also evaluate whether any erosion to Council-mandated procurement practices has occurred.
The Office of Economic and Financial Analysis will provide accountability to the public through the advancement of sound financial policies based on objective and transparent financial analysis and reporting, with a new process for producing official economic and revenue forecasts for King County.
The Public Health Operational Master Plan is a strategic planning process spearheaded by the County Council to develop long-term sustainable operational and financing solutions for critical public health functions. The Council calls for a close evaluation of the role that Public Health - Seattle & King County should play in direct provision of safety net services. Phase II of the Master Plan will examine the role of Public Health in providing personal health care services and create a transition plan to for any services that might better be provided outside of the public health department. Washington State used to fund public health through the Motor Vehicle Excise Tax (MVET). However, passage of Initiative 695 in 1999 repealed the MVET, cutting state funding for public health that has never been fully restored. Read more.
Performance Measures - Monitoring the current performance of county departments and reporting back to the public provides greater transparency in govenrment and is a valuable tool to tell us if we are achieving the results we expect for the tax dollars we spend. The King County Auditor is developing a countywide strategic planning, performance measurement, and management system as part of an ongoing effort to constantly seek ways to maintain and improve services and operations. Read more.
Biennial Budgeting Exercise - In order to allow more long-range planning and in-depth review of departmental budgets, voters in 2003 approved an amendment to the King County Charter giving the County Council the authority to move to a two-year budgeting cycle similar to that of the State of Washington. For the 2008 budget the Council identified King County Metro Transit as the agency it used as a model for development of a biennial budget for 2008-2010.