HomeMy WebLinkAboutResolution No. 01-C090RESOLUTION NO.,, 01-C90
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
AZUSA, CALIFORNIA, AUTHORIZING TRANSFERS OF
EXCESS LIGHT AND WATER DEPARTMENT RETURN -ON -
INVESTMENT REVENUE TO THE GENERAL FUND
WHEREAS, the City of Azusa owns and operates water and electrical utilities
that are deemed to be enterprise funds; and
WHEREAS, in connection with the prudent operation of utility enterprise funds
the Light and Water Department has set aside reserves which are invested; and
WHEREAS, from time to time the investments of reserve funds perform
exceptionally well; and
WHEREAS, there is a base reserve amount and anticipated investment revenue
that is considered in calculating the actual cost of providing utility services; and
WHEREAS, the higher than expected investment revenue does not impact utility
service rates; and
WHEREAS, in the pursuit of fiscal stability the City Council desires to transfer
excess investment revenues to the General Fund as a return on the City's investments in the
utility enterprises.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AZUSA,
CALIFORNIA, DOES FIND AND DECLARE THAT:
SECTION 1: Transfer of Excess Utility Investment Revenue. The Finance
Director is hereby authorized to transfer excess utility investment revenues to the General Fund.
SECTION 2: Effective Date. This Resolution shall become effective upon its
adoption.
PASSED, APPRO`
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ATTEST:
Vera Mendoza
City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF AZUSA )
I, Vera Mendoza, City Clerk of the City of Azusa, do hereby certify that the
foregoing Resolution No. 01-C90 was duly introduced and adopted at a regular meeting of
the City Council of the 27 day of August 2001, by the following vote, to wit:
AYES: COUNCILMEMBERS: CHAGNON, HARDISON, MADRID, ROCHA,
STANFORD
NOES
ABSENT:
COUNCILMEMBERS: NONE
COUNCILMEMBERS: NONE
City Clerk
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