HomeMy WebLinkAboutResolutions - No. 2018-31RESOLUTION NO 2018.31
A RESOLUTION OF THE LODI CITY COUNCIL
REVIEWING AND MA¡NTAINING THE CURRENT
ELECTRIC UTILITY RESERVE POL¡CY
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WHEREAS, the City Council approved Resolution No. 2011-39 approving a financial
reserve policy for the Electric Utility (EU); and
WHEREAS, this policy requires an assessment of the targets identified with a report to
the City Councilevery three years; and
WHEREAS, since 2011, the formula for establishing the EU reserve policy has remained
unchanged; and
WHEREAS, the actual dollar amounts have been reviewed and updated each year by
the Risk Oversight Committee (ROC) in accordance with the approved annual budget; and
WHEREAS, on December 5, 2017, the ROC recommended that the formula for
calculating the reserve targets be maintained.
NOW, THEREFORE, BE lT RESOLVED that the Lodi City Council does hereby approve
the review and maintenance of the current Electric Utility Reserve Policy formula as follows with
the annual dollar targets to be updated by the Risk Oversight Committee each year:
Fund Desiqnation Basis For FY 2018
Operating Reserve 90 davs cash on hand $17.866.000
Capital Reserve Largest distribution system
continqencv
$ 1,000,000
NCPA GeneralOperating
Reserve
ldentified by NCPA plus allowance
for unanticipated studies $ 4,435,000
TotalTarqet $23,301,000
Dated: March 7,2018
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I hereby certify that Resolution No. 2018-31 was passed and adopted by the City
Council of the City of Lodi in a regular meeting held on March 7,2018, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN
COUNCIL MEMBERS - Chandler, Johnson, Kuehne, Mounce, and
Mayor Nakanishi
COUNCIL MEMBERS - None
COUNCIL MEMBERS - None
COUNCIL MEMBERS - None
IF
2018-31
ity Clerk
FERRAIOLO