File #: ID#24-0701    Version: 1 Name: Accept Clearwater Gas System Fiscal Year 2024 Dividend to the City General Fund (WSO)
Type: Action Item Status: Filed
File created: 6/4/2024 In control: Gas System
On agenda: 7/15/2024 Final action: 6/17/2024
Title: Accept Clearwater Gas System Fiscal Year 2024 Dividend to the City General Fund (WSO)
Attachments: 1. CGS Annual Dividend Presentation (FY24).pdf, 2. CGS Annual Dividend Presentation (FY24).pdf

SUBJECT/RECOMMENDATION:

Title

Accept Clearwater Gas System Fiscal Year 2024 Dividend to the City General Fund (WSO)

 

Body

SUMMARY: 

By City Council policy, CGS commits to pay 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 half (½) of its annual Net Income less bond interest earnings as a dividend to the City in the following year.  CGS’ financial performance for Fiscal Year 2023 exceeded its plan; therefore, CGS will actually pay a Fiscal Year 2024 dividend of $4,345,438, an increase of $2,645,438 above the minimum $1.7M payment to the City.

 

APPROPRIATION CODE AND AMOUNT:

 

N/A

 

USE OF RESERVE FUNDS: 

 

N/A

 

STRATEGIC PRIORITY: