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Home My WebLink AboutRESO 9521DocuSign Envelope ID: 3DB5671E-99BF-4472-A1A9-AA52D625C1E4 Resolution No. 9521 Resolution of the Council of the City of Palo Alto Approving the FY 2016 Electric Utility Financial Plan and Amending the Electric 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 Electric Utility Reserves Management Practices to amend the purpose and management practices of the Electric Utility's Capital Improvement Program (CIP) Reserve. The Council of the City of Palo Alto does hereby RESOLVE as follows: SECTION 1. The Council hereby approves the FY 2016 Electric Utility Financial Plan, including the amended Electric Utility Reserves Management Practices. These Reserves Management Practices replace the Reserves Management Practices previously approved for the Electric Utility as part of the FY 2015 Electric Utility Financial Plan (Resolution 9423). SECTION 2. The Council hereby approves the transfer of $11 million in FY 2015 from the Hydro Stabilization Reserve to the Operations Reserve, the transfer of all funds released in FY 2015 from the Reappropriations Reserve to the CIP Reserve, and the transfer of $9.0 million in FY 2016 from the Rate Stabilization Reserve to the Operations Reserve, as described in the FY 2016 Electric Utility Financial Plan approved via this resolution. II II II 150316 sd16053271 1 DocuSign Envelope ID: 3DB5671E-99BF-4472-A1A9-AA52D625C1E4 SECTION 3. The Council finds that the adoption of this resolution does not meet the California Environmental Quality Act's (CEQA) definition of a project under Public Resources Code Section 21065, and therefore, no environmental assessment is required INTRODUCED AND PASSED: June 15, 2015 AYES: BERMAN, BURT, DUBOIS, FILSETH, HOLMAN, KNISS, SCHARFF, SCHMID, WOLBACH NOES: ABSENT: ABSTENTIONS: ATIEST: ~ ~~ ~~~ I City Clerk Mayor APPROVED AS TO FORM: APPROVED: ln DocuSigned by: L::t~~--QDocuSigned by: lJn~a-~ 39E7298FB2064DB ... Senior Deputy City Attorney City Manager ~~f~"1 10583588F83E412 ... Director of Utilities ~DocuSigned by: ~PUVJ B2ADE35ED7C5496 Director of Administrative Services 150316 sdl6053271 2 Docu~ li$HIJUII Certificate Of Completion Envelope Number: 3DB5671 E99BF4472A1A9AA52D625C1 E4 Status: Completed Subject: Please DocuSign this document: RESO 9521 Electric Utility Financial Plan 2016 Final3-14-15.pdf Source Envelope: Document Pages: 2 Certificate Pages: 5 AutoNav: Enabled Envelopeld Stamping: Enabled Record Tracking Status: Original 6/22/2015 11:58:48 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 9:28:18 AM PT ID: dab63bd7 -b07f-42ea-b650-4a2166deea30 Lalo Perez Lalo. Perez@CityofPaloAito.org Security Level: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Accepted: 6/23/201510:08:27 AM PT ID: 492be990-4b1 e-4ea3-92e7 -a9b2fa2c6a99 Valerie Fong Valerie.Fong@CityofPaloAito.org Security Level: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Accepted: 6/23/2015 10:21:32 AM PT ID: 4eb23b5a-2732-4c67 -88f1-70c161 04cdef 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-6a81-4cb 7 -b 7d4-9254 73ac82e3 In' Person Signer Events Editor Delivery Events Signatures: 4 Initials: 0 Holder: Kim Lunt kimberly.lunt@cilyofpaloalto.org Signature lnDocuSigntd by: L::l8~1~ Using IP Address: 199.33.32.254 ~"sp~ B2ADF35ED7C5496 ... Using IP Address: 199.33.32.254 ~~~d;~~ 10583588FS3E412 ... Using IP Address: 199.33.32.254 Using IP Address: 199.33.32.254 Signature Status 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 12:02:02 PM PT Viewed: 6/23/2015 9:05:47 AM PT Signed: 6/23/2015 9:28:32 AM PT Sent: 6/23/2015 9:28:34 AM PT Viewed: 6/23/2015 10:08:27 AM PT Signed: 6/23/2015 10:08:37 AM PT Sent: 6/23/2015 10:08:38 AM PT Viewed: 6/23/201510:21:32AM PT Signed: 6/23/2015 10:21:59 AM PT Sent: 6/23/201510:22:00 AM PT Viewed: 6/29/2015 8:01:50 PM PT Signed: 6/29/2015 8:02:00 PM PT Timestamp Timestamp