Explanation
BACKGROUND: This legislation authorizes the City Auditor to allow the Division of Power to use bond fund monies to reimburse the operating fund for capital eligible costs incurred for new customer development in 2013, in the amount of up to $200,000.00
The Division of Power may incur some operating costs such as material and supplies that are capital eligible for new customers to convert to the City's as their power provider. To allow for the offset of these costs, the Division of Power will be reimbursed from the capital fund as costs are incurred by the Division of Power for providing power service to new customers in the Division's service area.
EMERGENCY DESIGNATION: The Department of Public Utilities is requesting City Council to consider this legislation an emergency measure, so that there will be sufficient cash to pay operating expenses through the end of the year.
FISCAL IMPACT: A transfer of cash and an amendment to the 2013 Capital Improvements Budget is necessary to establish sufficient amounts in the proper project accounts for this reimbursement.
Title
To authorize the City Auditor to allow the Division of Power to use bond fund monies to reimburse the operating fund; to transfer $200,000.00 within the Electricity G.O. Bonds Fund; to amend the 2013 Capital Improvements Budget for costs incurred for new customer development; and to declare an emergency. ($200,000.00)
Body
WHEREAS, various costs are incurred within the Division of Power's operating fund for new customer development; and
WHEREAS, it is necessary to reimburse the operating fund for these costs throughout 2013; and
WHEREAS, the costs for the operating fund reimbursement will be from the capital bonds funds; and
WHEREAS, it is necessary to transfer funds within the Electricity G.O. Bonds Funds, for purposes of providing sufficient cash for the aforementioned reimbursement; and
WHEREAS, it is necessary to authorize an amendment to the 2013 Capit...
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