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Home My WebLink AboutRESO 9519DocuSign Envelope ID: 0901CFEC-F1C9-476C-9128-19514C42282F Resolution No. 9519 Resolution of the Council of the City of Palo Alto Approving the FY 2016 Water Utility Financial Plan and Amending the Water Utility Reserves Management Practices RECITALS A. Each year the City of Palo Alto ("City") regularly assesses the financial position of its utilities with the goal of ensuring adequate revenue to fund operations. This includes making long-term projections of market conditions, the physical condition of the system, and other factors that could affect utility costs, and setting rates adequate to recover these costs. It does this with the goal of providing safe, reliable, and sustainable utility services at competitive rates. The City adopts Financial Plans to summarize these projections. B. The City uses reserves to protect against contingencies and to manage other aspects of its operations, and regularly assesses the adequacy of these reserves and the management practices governing their operation. The status of utility reserves and their management practices are included in Reserves Management Practices attached to and made part of the Financial Plans. C. The City intends to make changes to its Water Utility Reserves Management Practices to amend the purpose and management practices of the Water Utility's Capital Improvement Program {CIP) Reserve. The Council of the City of Palo Alto RESOLVES, as follows: SECTION 1. The Council hereby approves FY 2016 Water Utility Financial Plan, including the amended Water Utility Reserves Management Practices. These Reserves Management Practices replace the Reserves Management Practices previously approved for the Water Utility as part of the FY 2015 Water Utility Financial Plan (Resolution 9423). SECTION 2. The Council hereby approves the transfer of $2 million in FY 2015 from the CIP Reserve to the Operations Reserve, the transfer of all funds released from the Reappropriations Reserve at the end of FY 2015 to the CIP Reserve, the transfer of $5.5 million from the Rate Stabilization Reserve to the Operations Reserve, and the exceedance of the maximum CIP Reserve guidelines through the end of FY 2017, as described in the FY 2016 Water Utility Financial Plan approved via this resolution. II II II 150220 mf 6053256 1 DocuSign Envelope 10: 0901CFEC-F1C9-476C-912B-19514C42282F SECTION 3. The Council finds that the adoption of this resolution does not meet the California Environmental Quality Act's (CEQA) definition of a project under Public Resources Code Section 21065, and therefore, no environmental assessment is required. INTRODUCED AND PASSED: June 15, 2015 AYES: BERMAN, BURT, DUBOIS, FILSETH, HOLMAN, KNISS, SCHARFF, SCHMID, WOLBACH NOES: ABSENT: ABSTENTIONS: Mayor APPROVEDASTOFORM: APPROVED: lnDocuSignecl by: L::t~~ .. r::D·oc· uSig .. ".eel. by •. ·. tP·II!~~ 39E729BFB206408 ... Senior Deputy City Attorney City Manager ~DocuSigned by: ~~~8~~~ Director of Utilities [IZ'P~ B2ADF35ED7CS498 ... Director of Administrative Services 150220 mf 6053256 2 Certificate Of Completion Envelope Number: 0901 CFECF1 C9476C912B19514C42282F Subject: Please DocuSign this document: RESO 9519 Water Financial Plan 2015 FINAL. pdf Source Envelope: Document Pages: 2 Certificate Pages: 5 AutoNav: Enabled Envelopeld Stamping: Enabled Record Tracking Status: Original 6/22/2015 11 :44:43 AM PT Signer Events Amy Bartell Amy.Barteii@CityofPaloAito.org Security Level: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Accepted: 6/23/2015 9:04:46 AM PT ID: b4a97557-92df-4ee4-bd8c-b8a3dbdc8aa2 Lalo Perez Lalo.Perez@CityofPaloAito.org Security Level: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Accepted: 6/23/2015 10:07:34 AM PT ID: 860f097b-Oead-454c-a3e3-5ccc9ed83b57 Valerie Fong Valerie.Fong@CityofPaloAito.org Security Level: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Accepted: 6/23/2015 10:22:26 AM PT ID: d56173c9-3784-4e5d-ae4d-edf93080ec9f James Keene james.keene@cityofpaloalto.org City Manager City of Palo Alto Security Level: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Accepted: 4/14/2015 5:40:07 PM PT ID: 44fe333a-6a81-4cb7-b7d4-925473ac82e3 In Person Signer Events Editor Delivery Events Signatures: 4 Initials: 0 Holder: Kim Lunt kimberly .lunt@cityofpaloalto.org Signature lnDocuSigntd by: L::la~,~ Using IP Address: 199.33.32.254 (F"sp;; B2ADF35ED7C5496 ... Using IP Address: 199.33.32.254 Using IP Address: 199.33.32.254 Using IP Address: 199.33.32.254 Signature Status Status: Completed Envelope Originator: Kim Lunt 250 Hamilton Ave Palo Alto, CA 94301 kimberly.lunt@cityofpaloalto.org IP Address: 199.33.32.254 Location: DocuSign Timestamp Sent: 6/22/2015 11:48:46 AM PT Viewed: 6/23/2015 9:04:46 AM PT Signed: 6/23/2015 9:05:30 AM PT Sent: 6/23/2015 9:05:32 AM PT Viewed: 6/23/2015 10:07:34 AM PT Signed: 6/23/2015 10:07:47 AM PT Sent: 6/23/2015 10:07:48 AM PT Viewed: 6/23/2015 10:22:26 AM PT Signed: 6/23/2015 10:22:46 AM PT Sent: 6/23/2015 10:22:47 AM PT Viewed: 6/29/2015 8:02:21 PM PT Signed: 6/29/2015 8:02:30 PM PT Timestamp Timestamp