| | | | | | | | | City of Independence | | AGENDA ITEM COVER SHEET |
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| | | | | | | | | BILL NO. 20-809 | Res.No: 6637 |
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| | | | | | | | Agenda Title:
20-809 - A resolution establishing priorities for use of any surplus in the Independence Power and Light Fund.-Requested by the Public Utilities Advisory Board |
| | | | | | | | Recommendations:
The Public Utilities Advisory Board recommended approval of the policy at its November 19, 2020 meeting. |
| | | | | | | | Executive Summary:
This resolution was originally brought to City Council by Councilmembers Huff and Steinmeyer on November 16, 2020. The resolution was not approved. The PUAB wished to resubmit this item to City Council for consideration which occurred on December 21, 2020 but was postponed to January 4, 2021, at which time it was postponed indefinitely. This item was discussed by the City Council at the January 11 Work Session and is brought forward now for City Council consideration. |
| | | | | | | | Background:
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.
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. |
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Fiscal Impact:
Undetermined at this time. A recent evaluation and policy developed by the City's Utility Financial Advisor, PFM, indicated the current unrestricted cash level in the Electric Fund exceeds the recommended target by approximately $15.8 million.
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| | | | | | | | | Department: City Manager's Office | Contact Person: Adam Norris |
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| REVIEWERS: | | Department | Action | | City Managers Office | Approved | | City Clerk Department | Approved | | Finance Department | Approved | | City Managers Office | Approved | | City Clerk Department | Approved |
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| Council Action: | Council Action: |
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