Agenda

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City Council Regular Meeting

Meeting Date:

05/11/2021

BACKGROUND

The Schertz/Seguin Local Government Corporation (SSLGC) has a Retained Earnings Policy. This policy set a threshold for the minimum retained earnings to be held in the operating fund. This minimum policy was set at three months operating expenditures. Based on this policy and the results of the audit, there is over $2,000,000 above this threshold available for use.

This budget amendment transfers $501,685 from Retained Earnings to Electric to cover the cost increase in services from GVEC as a result of the February winter storm. This budget amendment also transfers $1,000,000 to from Retained Earnings to the Repair and Replacement fund. The SSLGC Board of Directors unanimously approved this action on April 15, 2021 (Resolution #SSLGC R21-13).

GOAL

To approve the amended SSLGC budget amendment for FY 2021.

COMMUNITY BENEFIT

To enable SSLGC to continue ot provide water to their customers through payment of teh February 2021 GVEC electric bill and transfer of funds to Repair and Replacement for the continued maintenance of SSLGC's water infrastructure.

SUMMARY OF RECOMMENDED ACTION

Staff recommends approval of the Resolution amending SSLGC FY 2021 to reappropriate funds to pay for an increase in GVEC costs as a result from the ice storm and

FISCAL IMPACT

Costs associated with this Resolution will be paid for out fo appropriate funds of the SSLGC budget.

RECOMMENDATION

Approval of Resolution No. 21-R-40.

Attachments
Res. 21-R-40
SSLGC Resolution R21-13