Agenda Text
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Requesting approval to transfer $8,634,038 from the Water/Sewer Capital Stabilization Fund to the newly created Sewer Capital Stabilization Fund.
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Official Text
To the Honorable City Council:
I respectfully request that your Honorable City Council transfer $8,634,038 from the Water/Sewer Capital Stabilization Fund to the newly created Sewer Capital Stabilization Fund, effective July 1, 2021. .
The City's External Auditing Firm, Powers & Sullivan, CPAs, recommends that the existing Water/Sewer Capital Stabilization Fund be separated into two distinct funds. The Balance of the Water/Sewer Capital Stabilization will be apportioned between the new Water Capital Stabilization Fund and the new Sewer Capital Stabilization Fund. The Transfer represents the Sewer Capital apportionment
My staff will be available to answer any questions you may have. Thank you for your consideration of this matter.
Respectfully Submitted,
Joseph A. Curtatone, Mayor