SUBJECT/RECOMMENDATION:
Title
Report on the Clearwater Gas System (CGS) Fiscal Year 15/16 Dividend to the City General Fund. (WSO)
Body
SUMMARY:
By City Council policy, CGS pays an Annual Dividend of at minimum $1,700,000 to the City’s General Fund. After the City books close for the year, the Gas System calculates the Annual Adjusted Dividend payment to return ½ of its annual Net Income less debt service interest as a Dividend to the City in the following year. CGS’ financial performance for Fiscal Year 14/15 exceeded the minimum requirements resulting in a total dividend for Fiscal Year 15/16 of $2,546,812, an increase of $846,812 above the minimum payment to the City.
APPROPRIATION CODE AND AMOUNT:
USE OF RESERVE FUNDS: