The city shall maintain a special municipal fund, designated workers’ compensation self-insurance fund, into which shall be placed any current or future funds generated by the continuation of the workers’ compensation self-insurance program as authorized by Chapter 51.14 RCW. Such fund is hereby declared to be perpetual, and moneys remaining therein at the conclusion of each budget year shall carry over into the ensuing year, provided, however, upon determination that the balance of this special fund exceeds the amount necessary to maintain a prudent funding level for current expenditures, reserves, and future premium stabilization, as part of the budgetary process, the city may make withdrawals from this fund for any city purpose.

The fund shall be drawn upon to pay workers’ compensation benefit payments required by state law and to pay other costs incurred by the city in the administration of the workers’ compensation program and related preventive, safety, and disability programs. [Ord. 1999-02-005 § 2; Ord. 8616 § 3, 1977].