Coversheet

Item Coversheet

City of Independence
AGENDA ITEM COVER SHEET

Postponed to 1/4


Agenda Title: Council action is requested for consideration of Establishing Priorities of Independence Power and Light Financial Surpluses. - Requested by the Public Utility Advisory Board


Recommendations: This action item was recommended for approval by the Public Utilities Advisory Board (PUAB) on November 19, 2020.


Executive Summary: At the November 19 PUAB Meeting, the Board approved the following recommendation for the City Council's consideration: Per Independence Missouri City Charter, Section 3.16, Item 9, may recommend to the executive or legislative officials of the city, programs for the financing, use ownership, service, operation, or franchising of public utilities operated within the city, including but not limited to recommendations regarding rate adjustments... We the Public Utility Advisory Board endorse bill no. 20-809. This bill will be reintroduced to the City Council for their consideration at the next scheduled City Council meeting.


Background: Bill No. 20-809 - This resolution was originally brought to City Council by Councilmembers Huff and Steinmeyer on November 16, 2020. The resolution was not approved. The PUAB would like to resubmit this item to City Council for consideration. The proposed Resiliency and Cash Balance Policy presented by PFM included a bandwidth tolerance of +/-10%. As part of the consideration of this item, the PUAB recommended applying the lower bandwidth of the policy in determining excess cash.


Fiscal Impact: Fiscal Impact is unknown at this time. To be determined based on City Council adoption final Resiliency and Cash Balance Policy.

Department: City Manager Office

Contact Person: Adam Norris

REVIEWERS:
Department	Action
Power and Light Department	Approved
Finance Department	Approved
City Managers Office	Approved
City Clerk Department	Approved

Council Action:

Council Action:

ATTACHMENTS:
	Description	Type
	Bill No. 20-809	Resolution