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. |