1998 MIN NOV 03 - Laserfiche WebLink

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CM Hutton made oral presentation wherein he recommended the rollback of utility rates by 12% representing 4 % for each utility: Water, sewer and electric. MOTION/VOTE: CM Hutton moved for concurrence to direct the City Attorney to prepare a resolution to rollback the utility rates as proposed. The motion died for lack of a second. Discussion followed, specifically, on water bonds. City Treasurer Williams reported that City staff and the Finance team were currently working on the structure for the water bond issue. He stated that the City had not actually sold the bonds yet but the Council had put rates into effect that would support debt service on the bond issue. In the process of issuing bonds, Treasurer Williams said the City agreed to have rates in place in order to provide debt service to pay the bonds and he noted that the City had never defaulted on any of its obligations on any borrowing that the City had done. He urged the City to maintain the course. After further discussion, City Manager Garcia was directed to ask staff to provide a report, at the second Council meeting from today, detailing what a 4 % decrease would mean, or is a 2 % decrease possible, and include raising the baseline rate from 250 KWH to 500 KWH. Also requested was the last reviewed and approved City audit report that indicated the reserve fund balances for the three utilities, which indicated reserved funds in the amount of 14 million dollars for Electric Utility, 10 million dollars for the Sewer Utility and four million dollars for the Water Utility. AGENDA REVIEW: MOTION/VOTE: Motion/second by CM Cook/Hutton to approve the Consent Calendar carried with no objection voiced to said motion. CONSENT CALENDAR (1) Minutes - Approved Minutes for the Regular Meeting held October 6, 1998, and Minutes for the Regular Meeting held on October 20, 1998, on file in the Office of the City Clerk. (2) Warrants - Approval of Payable Warrants #19768 to #19938, dated 10/08/98, totaling $434,035.68; Payable Warrants #19939 to #20065, dated 10/15/98, totaling $212,297.99; Payroll Warrants #190130 to #190489, dated 10/21/98, totaling $412,829.26, on file in the Finance Department. STAFF REPORTS: CITY MANAGER'S REPORTS AND RECOMMENDATIONS: None. CITY ATTORNEY'S REPORTS AND RECOMMENDATIONS: Council Mins November 3, 1998 2