Title
Amending the Saint Paul Regional Water Authority's 2017 adopted budget to decrease the spending and financing for the change in assumptions for the Water Service Base Fee and Right-of-Way Recovery Fee for quarterly accounts designated as Single Family with a 1" service connection, and other changes in financing and spending.
Body
WHEREAS, Resolution 17-42 was presented on January 10, 2017; and the amount needed in 2017 to fund this rate change is $475,000, which will be financed from decreases in spending and uses of fund balance; and
WHEREAS, in its 2017 budget, the Board of Water Commissioners did authorize financing of $7,478,000 for residential water service base fee and $1,875,000 for right of way recovery fee; and
WHEREAS, in its 2016 budget, the Board of Water Commissioners did authorize spending of $200,000 for a capital expenditure that is no longer required; and
WHEREAS, in its 2017 budget, the Board of Water Commissioners did authorize financing of $710,000 and spending of $757,550 for the McCarron's High Service Pump Replacement and related debt issuance and debt service payments; and
WHEREAS, in its 2017 budget, the Board of Water Commissioners did authorize spending of $398,265 for debt service payments for the 2016 Minnesota Public Facilities Authority (MNPFA) Note; and
WHEREAS, in its 2017 budget, the Board of Water Commissioners did authorize spending of $2,035,000 for operational expenditures; and
WHEREAS, the Board of Water Commissioners recommended approval of the amendment to the 2017 Adopted Budget at the Water Board Meeting on 1/10/2017 reflected in Attachment B, therefore, be it
RESOLVED, that the City Council of the City of Saint Paul, upon recommendation of the Mayor does hereby recommend amendment to its Saint Paul Regional Water Authority's 2017 Adopted Budget, resulting in a decrease of $985,000 to the Saint Paul Regional Water Authority's 2017 Adopted Budget, resulting in an amended budget of $65,813,861, the details of such are attached, and does recommend approval by the Saint Paul City Council.
Attachments
Financial Analysis
Saint Paul Regional Water Board Resolution 17-45 (Attachment B)