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11 <br />CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of March 17, 1992 <br />TO: Honorable May and City o cil <br />FROM: Z <br />L is y Manager <br />SUBJECT: Date: 3/12/92 <br />thern California Edison Refunds <br />BACKGROUND• <br />The City received a check in the amount of $1,926,000.00 from Southern <br />California Edison Company for past over -charges, plus interest. <br />ALTERNATIVES: <br />N/A. <br />FINANCIAL IMPACT: <br />The funds would be used to defray a portion of future rate increases. <br />ENVIRONMENTAL IMPACT: <br />N/A <br />RECOMMENDATION• <br />It is Staff's recommendation that the refund monies be set aside in the <br />existing interest-bearing account containing previous refunds that are <br />used for purchased power costs to help defer a portion of future rate <br />increases. The interest portion of the Edison refund be accrued to the <br />City's General Fund in accordance with the City's existing policy and <br />State law. <br />Attachments: Letter <br />Section 53645-53647 <br />Page 1 of 1 <br />Item No.� <br />