Laserfiche WebLink
5. 8. <br /> CC Regular Session <br /> Meeting Date: 01/23/2024 <br /> PrimaryStrategic Plan Initiative: Identify and implement operational efficiencies,cost savings and additional <br /> g funding sources. <br /> Information <br /> Title <br /> Adopt Resolution#24-031 Adopting 2024 Enterprise Fund Budgets <br /> Purpose/Background: <br /> Annually,the ity adopts Enterprise Fund budgets related to Water, Sewer, Street Lighting, Recycling and Storm <br /> Drainage utilities. These five services are billed out quarterly via the utility bill and the budgets reflect the <br /> expected revenue to be generated and the offsetting operating expenditures that these revenues support. <br /> Enclosed for your review are the 2024 Enterprise Fund Budgets which cover the Water Utility Fund, Sewer <br /> Utility Fund, Street Light Utility Fund, Recycling Utility Fund and Storm Water Utility Fund. While formal <br /> budgets are required to be prepared and adopted annually for the General Fund, this is not the case for Enterprise <br /> funds. <br /> In order to establish fair rates for all the utilities that the City operates, it is necessary to determine the actual cost <br /> of providing those utilities to the residents. An important factor in these costs is the recovery of depreciation <br /> through the rate structures. We are required to keep the accounting for these funds on the full accrual method, <br /> which means recognizing the total depreciation,whether on City or developer installed systems. This is what we <br /> have attempted to do in preparing the attached Proposed 2024 Enterprise Fund Budgets. <br /> Notification: <br /> The water& storm water revenue rates reflect a 5%increase and sewer a 10% increase. These rates were <br /> adopted as part of the 2024 Schedule of Rates, Fees and Charges for the City. <br /> Funding Source: <br /> The respective utility bill collections fund the respective utility budget. <br /> Recommendation: <br /> The recommendation for the Adoption of the 2024 Enterprise Fund budgets is to approve Resolution#24-031, <br /> noting that the budget is an outline of how the revenues generated from the utility bill will be used in daily <br /> operations. <br /> Action: <br /> Motion to adopt Resolution#24-031 Adopting the 2024 Enterprise Fund Budgets. <br /> Attachments <br /> 2024 Enterprise Fund Budget <br /> Reso#24-031 Adopting 2024 Enterprise Fund Budgets <br /> Form Review <br /> Inbox Reviewed By Date <br />