HomeMy WebLinkAboutResolutions - No. 2007-25RESOLUTION NO. 2007-25
A RESOLUTION OF THE LODI CITY COUNCIL REDUCING
THE ELECTRIC UTILITY FUND PAYMENT IN -LIEU OF TAXES
AMOUNT AS PREVIOUSLY ESTABLISHED AT 12%TO AN
AMOUNT ESTABLISHED BY FORMULA
WHEREAS, over the course of the last three budget years the City Council approved
reductions in the annual in -lieu payment (a percentage of the electric utility revenues
transferred to the General Fund) from 12% to the current 10.6%, resulting in a reductiun of the
transferred amount by more than $900,000; and
WHEREAS, the General Fund has been able to absorb the loss in revenues as a result
of measures taken to reduce costs. In order to ensure that this reduction becomes permanent,
staff recommends that a base transfer amount of $6,779,000 be established and that the base
amount be adjusted by the annual growth in the number of electric customers served; and
WHEREAS, the reduction in the transfer helps to keep electric utility rates below Pacific
Gas and Electric rates in most customer classes. By establishing a base amount for the
transfer, the transfer amount as a percentage of revenues will decrease and be more
comparable to other jurisdictions, for which the transfer is a lower percent of revenues.
NOW, THEREFORE, BE IT RESOLVED that the Lodi City Council does hereby reduce
the Electric Utility Fund payment in -lieu of taxes amount as previously established at 12% to an
amount established by formula.
Dated: February 7,2007
hereby certify that Resolution No. 2007-25 was passed and adopted by the City
Council of the City of Lodi in a regular meeting held February 7, 2007, by the following vote:
AYES: COUNCIL MEMBERS — Hansen, Hitchcock, Katzakian, Mounce, and
Mayor Johnson
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS— None
ABSTAIN: COUNCIL MEMBERS — None
RAND1 JOHL
City Clerk
2007-25