CC MEETING: November 21, 2023
DATE: November 13, 2023
TO: Erin Rinehart, City Manager
FROM: Diana Vaughn, Chief Financial Officer
Title
Discuss The Utility Fund, Water And Wastewater Rates.
Body
BACKGROUND:
The City’s Utility fund generates funding to pay utility operating, capital and debt service expenses via user fees. The City had adopted a financial policy that requires the utility fund to maintain cash reserve balances equal to or greater than 90 days of expenditures. Due to the seasonality of significant water sales occurring in the final (July-September) quarter of fiscal year, the City waits until after the fiscal year ends to determine the amount of rate increase required in the next fiscal year. Staff provided an overview to the Audit, Finance, and Governance Committee on November 6. A work session will be held to discuss the Utility Fund’s financial needs.