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Resolution 11-061(A)(S) Setting Minimum $200,000 to Water/Sewer Depreciation Reserves Annually Through the Budget Process
Summary
A Resolution of the City Council of Homer, Alaska, Setting a Minimum of $200,000 to Water/Sewer Depreciation Reserves Annually Through the Budget Process; Additionally, Any Residual Amount at Year End is to be Transferred to the Water/Sewer Depreciation Reserves. Roberts.
Ordinance/Resolution ID:
11-061(A)(S)
Ordinance/Resolution Status:
Adopted
Effective Date:
06/27/2011
File Attachments:
Postponed Until:
06/27/2011
Related Meetings
Related Memorandums
Details
CITY OF HOMER
HOMER, ALASKA
Roberts
RESOLUTION 11-061(A)(S)
A RESOLUTION OF THE CITY COUNCIL OF HOMER, ALASKA, SETTING A MINIMUM OF $200,000 TO WATER/SEWER DEPRECIATION RESERVES ANNUALLY THROUGH THE BUDGET PROCESS; ADDITIONALLY, ANY RESIDUAL AMOUNT AT YEAR END IS TO BE TRANSFERRED TO THE WATER/SEWER DEPRECIATION RESERVES.
WHEREAS, When compiling the budget, the current practice is that the amount of depreciation reserves transferred annually is set during the budget cycle; and
WHEREAS, It would be beneficial to set the amount transferred to depreciation reserves by the residual amount at year end; and
WHEREAS, By amending the procedure to set water/sewer depreciation reserve transfers to the net change, it would allow the economy time to recover and build depreciation reserves by only what the utility can afford; and
WHEREAS, This is classified as the “change in fund balance” in the financial statements.
NOW, THEREFORE, BE IT RESOLVED that the City Council of Homer, Alaska, approves setting a minimum of $200,000 to water/sewer depreciation reserves annually through the budget process; additionally, any residual amount at year end is to be transferred to the water/sewer depreciation reserves.
PASSED AND ADOPTED by the Homer City Council this 27th day of June, 2011.
CITY OF HOMER
JAMES C. HORNADAY, MAYOR
ATTEST:
______________________________
JO JOHNSON, CMC, CITY CLERK
Fiscal information: N/A
