City Council Minutes 2007 12 18 - Laserfiche WebLink

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City Council Meeting Minutes December 18, 2007 Page 5 of 7 Finance Director Watson reported, during the budget process, Staff proposed a 2.5% increase in water and wastewater rates, effective January 1, 2008. A 25- cent increase in monthly storrnwater fees for single family accounts and a proportionate increase for all other accounts is also proposed. The 2.5% utility rate increase will increase thE: mlinimum water billing for each residential account from $9.60 to $9.84. The resiidential sewer charge will increase from $13.58 per month to $13.92 per month. The proposed rate increases will add approximately $100,000 to the 2008 Water Fund revenue; approximately $40,000 to the 2008 Sewer Fund revenue, and approximately $40,000 to the 20iD8 Stormwater Fund revenue. The Utility Funds are projected to have a combined working capital balance of approximately $3.4 million at the end of 2008. It is anticipated this reserve will be used to cash-fund future capital improvement projects, such as the $6 Million Windy Gap Project. Mayor Sisk requested public hearing. As there were no public comments, the public hearing was closed. Councilor Sackett noted it is always difficult to raise rates, but necessary. MOTION: Councilor Sackett moved to approve Resolution No. 67, Series 2007 seconded by Councilor Clabots. Roll call vote was taken. The motion carried by a vote of 7-0. RESOLUTION No. 68, SERIIES 2007 - A RESOLUTION AMENDING THE 2008 BUDGET BY INCREASING APPROPRIATIONS IN THE WATER UTILITY FUND AND THE STORMWATER UTILITY FUND FOR THE CITY OF LOUISVILLE, CO -Public Hearing Mayor Sisk requested a Staff presentation. Finance Director Watson explained many of the capital improvement project requests for the Water Utility 1=und and one for the Stormwater Utility Fund were inadvertently not included within the 2008 appropriation resolution the City Council adopted on November 5, 2007. The total for the appropriations is $967,600. Resolution No. 68, Series 2007 authorizes a supplemental appropriation to the 2008 budget. in the amount of $967,600 for Water and Stormwater Utility Funds capital projects. Mayor Sisk opened the public hearing and requested public comment. As there were no public comments, thE; public hearing was closed. Mayor Pro Tem Marsella askE;d if the ending fund balance reflected the aforementioned appropriations. Finance Director Watson confirmed it did.