HomeMy WebLinkAboutRESO 9697170216 jb 6053918
Resolution No. 9697
Resolution of the Council of the City of Palo Alto Approving the
FY 2018 Water Utility Financial Plan
R E C I T A L S
A. Each year the City of Palo Alto regularly assesses the financial position of its
utilities with the goal of ensuring adequate revenue to fund operations. This includes making
longterm 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.
The Council of the City of Palo Alto does hereby RESOLVE as follows:
SECTION 1. The Council hereby adopts the FY 2018 Water Utility Financial Plan.
SECTION 2. The Council hereby approves the transfer of $1.877 million in FY 2018 from
the Rate Stabilization Reserve to the Operations Reserve, as described in the FY 2018 Water
Utility Financial Plan approved via this resolution.
SECTION 3. The Council finds that the adoption of this resolution does not meet the
definition of a project requiring California Environmental Quality Act (CEQA) review, under
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170216 jb 6053918
California Public Resources Code 21065 and CEQA Guidelines Section 15378(b)(5), because it is
an administrative governmental activity which will not cause a direct or indirect physical change
in the environment.
INTRODUCED AND PASSED: June 27, 2017
AYES: DUBOIS, FILSETH, FINE, HOLMAN, KNISS, KOU, SCHARFF, WOLBACH
NOES: TANAKA
ABSENT:
ABSTENTIONS:
ATTEST:
City Clerk Mayor
APPROVED AS TO FORM: APPROVED:
Senior Deputy City Attorney City Manager
Director of Utilities
Director of Administrative Services
DocuSign Envelope ID: B08ADD59-A698-43D7-A38C-BCEBCB6A9A25
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