The City's Finance and Administration Department initiated a process earlier this year to select a Municipal Advisor for the City's three utilities. Through that process, PFM was selected. As a part of PFM's work plan, the Finance and Administration team directed PFM to evaluate potential cost savings measures relative to refunding of IPL's outstanding debt, which currently totals $152 million.  As a part of this evaluation, PFM conducted a Resiliency and Cash Balance study to ensure the utility maintained a strong financial position and was viewed favorably by bond rating agencies.

The study was presented to Council at its 12/14/2020 work session. At the conclusion of the presentation, staff was directed to bring a Policy to the January 4, 2021 Council meeting for a public hearing and consideration.