Title
Approval of the Transfer of Profit from Electric and Gas Funds to the General Fund for Operations During Fiscal Year 2017.
Recommended Action
I move that Council approve the transfer of revenues from the electric and gas funds to the general fund for electric and gas operations during fiscal year 2017 in accordance with Incorporated County of Los Alamos Resolution 97-07.
Utilities Manager's Recommendation
The Utilities Manager recommends approval of the fiscal year 2017 fund transfers as presented.
Board, Commission or Committee Recommendation
The Board of Public Utilities recommends approval of the fiscal year 2017 fund transfers as presented.
Body
In 1997, to establish a methodology for determining operating revenues to be transferred to the County general fund, the Board of Public Utilities and the County Council agreed, through a resolution, to transfer from the electric fund and the gas fund an amount equal to 5% of retail sales to customers other than Los Alamos Public Schools and Los Alamos County. Transfer amounts are to be computed after completion of the County’s annual financial audit and the transfers are to include interest from the last day of the fiscal year to the date of transfer. Accordingly the transfer for each year’s activity is reflected in the following year’s budget.
Fund transfers computed for fiscal year 2017 retail sales are $574,246.02 and $207,175.00 for the electric and gas utilities, respectively. A computation worksheet is attached. The budgeted amounts were $651,065 for the electric fund and $262,075 for the gas fund.
Alternatives
If the Council does not approve the transfers, the funds will remain in the Department of Public Utilities electric and gas accounts.
Fiscal and Staff Impact/Planned Item
For FY2017 sales $574,246.02 plus interest from the electric fund to the general fund and $207,175.00 plus interest from the gas fund to the general fund.
Attachments
A - Incorporated County of Los Alamos Re...
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