HomeMy WebLinkAboutResolutions - No. 2021-71=06M1111156]H R63011MIMI
A RESOLUTION OF THE LODI CITY COUNCIL
REVIEWING AND MAINTAINING THE CURRENT
ELECTRIC UTILITY RESERVE POLICY
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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 Council every three years with the last review completed in March 2018; 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 March 1, 2021, the ROC recommended that the formula for calculating
the reserve targets be maintained.
NOW, THEREFORE, BE IT RESOLVED that the Lodi City Council does hereby approve
the review and maintenance of the current EU Reserve Policy formula as follows with the
annual dollar targets to be updated by the ROC each year:
_ Fund Designation
Operating Reserve
Capital Reserve
NCPA General Operating
Reserve
Total Target
Dated: March 17, 2021
90 days cash on hand
Largest distribution system
contingency,
Identified by NCPA plus allowance
for unanticipated studies
For FY 2021_
$18,118,000
$ 1,000,000
$ 4,540,000
$23,658,000
I hereby certify that Resolution No. 2021-71 was passed and adopted by the City
Council of the City of Lodi in a regular meeting held on March 17, 2021, by the following vote:
AYES: COUNCIL MEMBERS — Chandler, Hothi, Khan, Kuehne, and
Mayor Nakanishi
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS — None
ABSTAIN: COUNCIL MEMBERS — None
6:��JENNIF CUSMIR
City Clerk
2021-71