HomeMy WebLinkAboutRESO 98436055182
Resolution No. 9843
of the Council of the City of Palo Alto Approving the
FY 2020 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. The City
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 2020 Water Utility Financial Plan.
SECTION 2. The Council hereby approves the transfer of up to $5,000,000 in FY 2020
from the Operations Reserve to the Capital Improvement Projects Reserve, as described in the
FY 2020 Water Utility Financial Plan and approved via this resolution.
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DocuSign Envelope ID: 49C27F8B-05A1-4817-AECF-BE3CE1864331
6055182
SECTION 3. The Council finds that the adoption of this resolution does not meet the
California Environmental Quality (CEQA) definition of 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: 49C27F8B-05A1-4817-AECF-BE3CE1864331
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