Title
Approval of the Calculation of Revenue Transfer from Electric & Gas Funds for Operations during Fiscal Year 2024 and Approval of Budget Revision 2025-37
Recommended Action
I move that the Council approve the transfer of revenues of 5% from the electric and gas funds during fiscal year 2025 to the general fund, and re-direct these amounts to be used within the joint utility system fund for purposes designated by Council in accordance with Incorporated County of Los Alamos Ordinance 02-324.
I further move that Council approve Budget Revision 2025-37 as summarized on Attachment C and that the attachment be made a part of the minutes of this meeting.
I further move that Council approve extending the profit transfer redirection option per County Code Section 40-63(d) for an additional year to FY2030.
Utilities Manager's Recommendation
The Utilities Manager recommends that Council approve the motion as presented.
Board, Commission or Committee Recommendation
The Board of Public Utilities approved this request at their regular meeting on February 19, 2025 and recommends that Council approve the motion as presented.
Body
The purpose of this agenda item is to 1) approve the calculation of the FY2025 revenue transfer based on FY2024 Annual Comprehensive Financial Report (ACFR); 2) approve the associated budget revision; and 3) add an additional year to the redirection option.
In accordance with charter article V.509 and code of ordinances chapter 40-63 (c)(12) b., attached is the calculation of the five percent of gross sales of the gas and electric utilities, exclusive of sales to the County or the Schools, as Revenue Transfer amounts. Transfer amounts are to be computed after completion of the County’s annual financial audit (ACFR). In January 2022, Council passed code ordinance 02-324 to continue the transfer back of revenue transfer amounts, “For a five (5) year period…[which] may be extended by Council for one (1) additional year at the time of Cou...
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