Title
Utilities - 3rd Quarter Financial Update
Recommended Action/UAC Deliverable:
Briefing only
Issue:
Receive information on current finances for the City’s utilities of Waste ReSources, Drinking Water, Storm and Surface Water and Wastewater
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 quarterly financial updates for the City’s utilities.
Financial data showing actual vs. budgeted revenues and expenditures with year-to-year comparisons for the 3rd quarter of 2023 will be provided. Finance staff were not able to provide the financial information needed at the time the meeting packet was prepared. Staff will provided the materials at the November 2nd UAC meeting with an opportunity to ask questions during the meeting.
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. However, utility rates impact our community by the utility rates that customers pay.
Attachment:
None - Materials will be provided at the November 2nd UAC meeting and later posted to the City’s website.