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File #:
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16-0854
Version:
1
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Name:
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Reserve Policy Update
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Type:
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CC- Report
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Status:
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Agenda Ready
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On agenda:
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5/31/2016
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Final action:
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Title:
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REPORT - SANTA ROSA WATER RESERVE FUND POLICY UPDATE
BACKGROUND: Maintaining adequate reserve levels - funds set aside for specific purposes - allows a utility to respond to fluctuations in revenues and costs and respond to short term emergencies. Adequate reserves directly affect a utility’s bond rating, and ultimately its ability to borrow money at affordable interest rates. Santa Rosa Water’s Reserves were last updated in 2012. The 2015 Rate Study recommended an increase in the Catastrophic Reserve level to account for increased cost of construction over the years since the last update.
RECOMMENDATION: It is recommended by the Board of Public Utilities and Water Department staff that the Council, by resolution, approve an update of the Santa Rosa Water Reserve Policy to increase the catastrophic reserve levels by 30% as per the 2015 Rate Study recommendations.
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