HomeMy WebLinkAboutRESO 98376055193
Resolution No. 9837
Resolution of the Council of the City of Palo Alto Approving the Fiscal
Year 2020 Electric Utility Financial Plan
R E C I T A L S
A. Each year the City of Palo 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.
This is done 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 approves the FY 2020 Electric Utility Financial Plan.
SECTION 2. The following transfers that were previously approved by resolution 9692
to take place in FY 2017, but which were not performed due to staff error, are hereby
reauthorized in FY 2019: 1) transfer up to $9.0 million from the Hydroelectric Stabilization
Reserve to the Supply Operations Reserve, 2) transfer up to $9.011 million from the Supply Rate
Stabilization Reserve to the Supply Operations Reserve, and 3) transfer up to $4.5 million from
the Supply Operations Reserve to the Distribution Operations Reserve.
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6055193
SECTION 3. The Council finds that the adoption of this resolution does not meet the
California Environmental Quality Act a project under Public Resources
Code Section 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, and therefore, no environmental review is required.
INTRODUCED AND PASSED: June 17, 2019
AYES: CORMACK, DUBOIS, FILSETH, FINE, KNISS
NOES: KOU, TANAKA
ABSENT:
ABSTENTIONS:
ATTEST:
City Clerk Mayor
APPROVED AS TO FORM: APPROVED:
Assistant City Attorney City Manager
Director of Utilities
Director of Administrative Services
DocuSign Envelope ID: DFB69043-1618-46E9-9DC9-664A5DEDD4A4
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