| | | | | | | | | City of Independence | | AGENDA ITEM COVER SHEET |
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| | | | | | | | | BILL NO. 21-713 | Res.No: 6642 |
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| | | | | | | | Agenda Title:
21-713 - A Resolution directing the City Manager to implement a bill credit to all City of Independence utilities customers.- Requested by Councilmembers Mike Huff and Mike Steinmeyer |
| | | | | | | | Background:
If approved, this resolution would direct the City Manager to implement a one-time bill credit for all City of Independence utility customers. The total amount utilized for this purpose is $11.2 million. With approximately 56,000 customers, it is expected each customer would receive approximately $200 as a one-time credit on their monthly bill.
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Fiscal Impact:
This resolution would apply $11.2 million toward a one-time credit on all utility bills. The recently-adopted Resiliency and Cash Reserve Policy for IPL showed surplus funds at the "upper bound" of the target amount were approximately $22.5 million. After deducting the $10.6 million that was approved to defease the 2010B Series Bond for IPL, this leaves $11.9 million in surplus at the upper bound available for use toward this outcome.
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| | | | | | | | | Department: | Contact Person: Councilmembers Huff and Steinmeyer |
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| REVIEWERS: | | Department | Action | | City Managers Office | Approved | | Finance Department | Approved | | City Managers Office | Approved | | City Clerk Department | Approved |
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| Council Action: | Council Action: |
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