CC MEETING: November 19, 2024
DATE: November 13, 2024
TO: Erin Rinehart, City Manager
FROM: Melissa Everett, Finance Director
Diana Vaughn, Chief Financial Officer
Title
Discuss The Utility Fund, Water And Wastewater Rates
Body
BACKGROUND:
The City’s Utility Fund generates revenue through user fees to cover operating, capital, and debt service expenses. The City has adopted a financial policy requiring the Utility Fund to maintain cash reserves equal to or greater than 90 days of expenditures. Due to the seasonality of significant water sales in the final quarter (July-September) of the fiscal year, staff waits until after each fiscal year-end to determine the necessary rate increase for the next fiscal year. Staff provided an overview to the Audit, Finance, and Governance Committee on November 12. A worksession will be held to discuss the Utility Fund’s financial needs.