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Home My WebLink AboutRESO 9522DocuSign Envelope 10: 82730877-86E0-48AA-9EB4-B85670885DF4 Resolution No. 9522 Resolution of the Council of the City of Palo Alto Approving the FY 2016 Gas Utility Financial Plan and Amending the Gas Utility Reserves Management Practices RECITALS A. Each year the City of Palo Alto ("City") 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 a part of the Financial Plans. C. The City intends to make changes to its Gas Utility Reserves Management Practices to amend the purpose and management practices of the Gas 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 Gas Utility Financial Plan, including the amended Gas Utility Reserves Management Practices. These Reserves Management Practices replace the Reserves Management Practices previously approved for the Gas Utility as part of the FY 2015 Gas Utility Financial Plan (Resolution 9423). SECTION 2. The Council hereby approves the transfer of $3.4 million in FY 2015 from the Rate Stabilization Reserve to the Operations Reserve, and the transfer of all funds released in FY 2015 from the Reappropriations Reserve to the CIP Reserve, as described in the FY 2016 Gas Utility Financial Plan approved via this resolution. II II 150319 sd16053275 DocuSign Envelope 10: 82730B77-86E0-48AA-9EB4-B8567D8B5DF4 SECTION 3. The Council finds that the adoption of this resolution does not meet the California Environmental Quality Act's 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: ATTEST: ~ ~ 3)~, ~;[L__ City Clerk Mayor APPROVED AS TO FORM: APPROVED: lnDocuSJgned by: L::t~~-- GDocuSJg.ned. by:. ~·l(ftf-1' 39E7298FB2064DB ... Senior Deputy City Attorney City Manager ~:L::'f~ 105B3588F83E412 ... Director of Utilities ~p~ B2ADF35ED7C5498 ... Director of Administrative Services 150319 sdl6053275 Certificate Of Completion Envelope Number: 82730B7786E048AA9EB4B8567D8B5DF4 Subject: Please DocuSign this document: RESO 9522 Att A Gas Financial Plan 2016 final Draft.pdf Source Envelope: Document Pages: 2 Certificate Pages: 5 AutoNav: Enabled Envelopeld Stamping: Enabled Record Tracking Status: Original 6/22/201512:08:43 PM PT Signer Events Amy Bartell Amy.Barteii@CityofPaloAito.org Security Level: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Accepted: 6/23/2015 9:28:48 AM PT ID: 155f665b-5fbd-4a3c-a 7 43-4be4fe96fa61 Lalo Perez Lalo.Perez@CityofPaloAito.org Security Level: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Accepted: 6/23/201510:09:21 AM PT I D: 2539e6a 1-e0a3-4b80-a032-fb32cfdf4fa5 Valerie Fong Valerie.Fong@CityofPaloAito.org Security LevEll: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Accepted: 6/23/201510:20:31 AM PT I D: fe931 b13-9e65-480d-bce9-cf5ca8e8602d 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 ra:~··;:M LooB4SF317E9342B ... Using IP Address: 199.33.32.254 Using IP Address: 199.33.32.254 ~~~·;~~ 10583588F83E412 ... Using IP Address: 199.33.32.254 ~~·:.g:r 39E729BFB2064DB ... Using IP Address: 199.33.32.254 Signature Status Docu~ iilsac:uuo 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: 6/22/201512:12:13 PM PT Viewed: 6/23/2015 9:28:48 AM PT Signed: 6/23/2015 9:29:00 AM PT Sent: 6/23/2015 9:29:01 AM PT Viewed: 6/23/201510:09:21 AM PT Signed: 6/23/2015 10:09:30 AM PT Sent: 6/23/2015 10:09:31 AM PT Viewed: 6/23/2015 10:20:31 AM PT Signed: 6/23/2015 10:20:55 AM PT Sent: 6/23/2015 10:20:56 AM PT Viewed: 6/29/2015 8:01:18 PM PT Signed: 6/29/2015 8:01:32 PM PT Timestamp Timestamp