Title
Utilities Semi-Annual 2024 Financial Update
Recommended Action/UAC Deliverable:
Briefing only
Issue:
Receive information on current finances for the City’s Waste ReSources, Drinking Water, Storm and Surface Water and Wastewater Utilities
Staff Contact:
Gary Franks, Public Works Waste ReSources Director, 360.753.8780
Mike Vessey, Public Works Drinking Water Director, 360.753.8318
Jesse Barham, Public Works Water Resources Director, 360.753.8164
Presenters:
Same as above
Background and Analysis:
The Utility Advisory Committee reviews City utility finances, capital investments, and rates annually. The UAC has requested semi-annual financial updates for the City’s utilities.
Financial data showing actual vs. budgeted revenues and expenditures with year-to-year comparisons for 1st half of 2024 will be provided.
Climate Analysis:
Utility financial updates have no impact on carbon emissions.
Equity Analysis:
The health of utility finances ensures that utility services are provided to the community. These services protect vulnerable populations and the environment from negative impacts. Rates are evaluated annually to ensure equitable distribution of costs across ratepayers.
Neighborhood/Community Interests:
City utilities provide essential public health services to Olympia residents.
Financial Impact:
None currently. The balance of expenses to revenue reflects the financial health of the utilities and the ability to maintain and sustain critical utility services.
Attachment:
Summary of Utilities for January - June 2024 operating expense and revenue