Approval Sheet

CITY OF GILLETTE
201 E. 5th Street
Phone (307)686-5200
CITY OF GILLETTE


www.gillettewy.gov

 
DATE: 3/7/2017 7:00:00 PM
SUBJECT:
Council Consideration of a Resolution to Establish a Separate Madison Water Account Within the Water Fund for Purposes of Reserving Funds for Depreciation, Repair, and Maintenance.
BACKGROUND:

On May 3, 2011 a Special Election was held to levy an additional one percent (1%) specific purposes excise tax for purposes of establishing the Gillette Regional Water Supply Project.  Under the specific terms of the Special Election, any excess funds obtained through the imposition of the tax would be used for the operation, maintenance and connection to the Gillette Regional Water Supply Project.  Through the competitive bid process on the project, certain savings have also been realized in the construction process which have resulted in additional funds being available for future repairs and maintenance of the Gillette Regional Water Supply System.  Additionally, under the terms of the Gillette Regional Water Supply System Joint Powers Agreement, the City is required to strive to maintain adequate fund balances for purposes of operations, depreciation, repair and maintenance. 

 

During the January 31, 2017 Special Meeting, Council instructed staff to prepare a resolution to establish a separate account for reserving funds in conformity with the Special Election Ballot and the Gillette Regional Water Supply System Joint Powers Agreement.

ACTUAL COST VS. BUDGET:
SUGGESTED MOTION:
I move to approve the Resolution to Establish a Separate Madison Water Account Within the Water Fund for Purposes of Reserving Funds for Depreciation, Repair, and Maintenance.
STAFF REFERENCE:
Patrick Davidson, City Attorney
ATTACHMENTS:
Click to download
Resolution on Madison Reserve Account