Title
Amending the financing and spending plans in the Saint Paul Regional Water Services by decreasing $985,000 to the 2017 Adopted Budget, resulting in an amended budget of $65,813,861 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.
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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;
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;
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;
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;
WHEREAS, in its 2017 budget, the Board of Water Commissioners did authorize spending of $2,035,000 for operational expenditures; therefore, be it
WHEREAS, the Board of Water Commissioners did amend its 2017 Adopted Budget, resulting in a decrease of $985,000 to the 2017 Adopted Budget, resulting in an amended budget of $65,813,861, and did request the Saint Paul City Council to approve said amendments no. 1; now, therefore, be it
RESOLVED, that the City council of the City of Saint Paul does hereby approve said changes to the 2017 budget.
Financial Analysis
See Attachment