ORDER-2021-148 : An Appropriation in the amount of $43,423.46 from Water Retained Earnings, account 6100-319000, to Water Reserve Fund, account 8416-49000.

Transcript (~4 min @ 1:20:35)

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▶ 1:20:35 Jeff McNaught: Next we have order 2021-148 an appropriation in the amount of $43,423.46 from water retained earnings account 6100-319000 dash three one nine zero zero zero to the water reserve fund account eight four one six dash four nine zero zero zero and we have uh for delarusso

▶ 1:21:05 Jeff McNaught: i believe speaking of this or no do i have that wrong is it still mr you uh still you mr troop

▶ 1:21:19 Speaker 11: i believe it's me oh i'm sorry elaine i didn't see that that's okay i just turned on my video um i believe patrick is here um if there if questions come up but um so as many of you are probably aware each year our goal and as has been for the last five or so years is to have a reserve fund in the amount of 10 of our operating budget for water and for sewer and so this year the the sewer fund is already at its reserve percentage so we're all set there but the water fund requires the transfer in the amount of roughly 45 000 and change that you mentioned counselor mcnaught um in order to bring the the total balance of the reserve fund to that ten percent goal

▶ 1:22:07 Jeff McNaught: do any counselors have any questions for director progress ellis

▶ 1:22:12 Speaker 7: vice chair

▶ 1:22:15 Jack Eccles: just one quick question um how do we do we draw on the reserve fund or is it just kind of there for emergencies does that come through the council if we do um it i don't believe it comes through

▶ 1:22:25 Speaker 11: the council i think it goes through the water and sewer rate committee but um the the intention of the reserve fund is to be a rainy day fund as you saw this year with the mwra water main break there there can be a substantial impact of um an unexpected event with one of our utility systems fortunately we don't have mains the size of the MWRA mains but that can cause quite that level of damage but the repairs that the MWRA is incurring on that project are in the millions of dollar range when everything is complete so for a system of our size we deemed 10% to be a good rainy day fund and the nice thing is in recent years we haven't had to put any operating funds any we haven't had to include it in the budget for the coming fiscal year because we've been able to fund up to that 10% using retained earnings from

▶ 1:23:33 Jeff McNaught: the prior year I think we noticed that once we get to the next order do any counselors have any other questions seeing none what is the will of the

▶ 1:23:46 Jeff McNaught: committee motion to recommend second we have a motion to recommend made by Councilor Tramontozzi seconded by Vice Chair Eccles Madam Clerk will you please

▶ 1:23:55 Speaker 1: call the roll Chair McNaught yes Vice Chair Eccles yes Councilor Tramontozzi yes Councilor McMaster yes Councilor Garipay yes Councillor Grigoraitis. Yes. Councillor Migliorelli. Yes. Councillor Stewart. Yes. Councillor Thomas. Yes. Councillor Jamaleddine. President Cinella. Yes.

▶ 1:24:31 Jeff McNaught: Tanyas. The motion passes. Next we have an order 2021-149 an appropriation in the amount of $400,000 from the water retained earnings account number 6100-319000 to the fiscal 2022 water budget.