ORDER-2016-54 : Appropriation in the amount of $19,512.44 from A/C Water, Retained Earnings to various Water Accounts as set forth herein.

Transcript (~3 min @ 11:40)

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▶ 11:31 Speaker 1: If I may, the Water Reserve Fund has 241,208.112. And the Soil Reserve Fund has 225,229.32.

▶ 11:50 Speaker 3: Okay, and what about the respective free cash?

▶ 11:52 Speaker 1: their respective free cash is $182,232 for water, $300,383 for sewer.

▶ 12:05 Speaker 1: And that does, for the purposes of the record, that does differ from what the report shows on the Department of Revenue, Division of Local Services, differs by the amount of the reserve fund that we have. So when you look at their number, it'll be higher by the reserve fund amount. So if we add these two numbers together, it'll match what they have on their report. They just take it collectively. We break them out and distinguish between reserve fund and funds that are available or free cash, as we call it.

▶ 12:36 Speaker 3: And do the reserve fund figures represent last year's closed out numbers? I'm not—

▶ 12:45 Speaker 1: The free cash represents last year's activity. What about the reserve funds? been there that's been sitting there in a separate fund so that's been um standalone okay so we're

▶ 12:55 Speaker 3: going to get more money certified into the reserve fund when the books are closed on this year yes

▶ 13:01 Speaker 1: absolutely correct we the target is again to um put in this year's effort for both water and sewer that will give you the exact target and then some that the board of aldermen and the city was trying to achieve after three years so that we'll have our balances that we want afterwards in each fund the reserve goal being 315 150 and 422 046 22 respectfully for water and for sewer so we will not only meet that number even after this transfer but you'll have additional reserves of 88 thousand seven seventy seven sixty eight for water and ninety six thousand seven

▶ 13:48 Speaker 1: seventeen seventy one for soar even after you do these transfers this evening so we landed on our feet for water and soar and it's very strategically we landed on target I could not be more pleased by the way the year ended for both water and soar i could not be more pleased and um it was just right and i think everyone the board deserves a lot of credit for support in the the initiatives and the changes that were made uh it's representative in the figures the figures speak for themselves so it

▶ 14:23 Speaker 3: looks like we're pretty close to being where dor wanted us to be relative to the reserves for these two funds and we may not need to collect any reserves going forward um we're almost there the

▶ 14:34 Speaker 1: um you're absolutely correct what will happen is if this patent continues then we may find ourselves having to raise less in both water and sewer each year just for that reason that we've already met our target and this and the need to build the reserve beyond that would not be necessary so we're right on the money and i'm really pleased to be able to say that this evening