General Information

Government Type

Municipality

Entity

Spanish Fork

Public Body

Public Notice

Notice Information

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Notice Title

Notice to Spanish Fork City Utility Customers

Notice Tags

Other

Notice Type(s)

Notice, Hearing

Event Start Date & Time

June 5, 2018 08:35 AM

Event End Date & Time

June 5, 2018 09:00 PM

Description/Agenda

NOTICE TO SPANISH FORK CITY UTILITY CUSTOMERS State law requires that the City provide an annual disclosure on funds transferred from a utility enterprise fund to any other fund. The City has budgeted a set percentage transfer from each of the Utility Enterprise Funds to the General Fund. The City of Spanish Fork has budgeted for the transfer of 3.5% of each utility's revenues from the utility's retail rate to the general fund as a dividend to Spanish Fork taxpayers. This dividend is the result of the taxpayers' investment in the City's utility infrastructure. These Funds are used each year to help cover costs of important city services like police, fire, library, senior center, parks and recreation, and other city functions. The utility transfer helps keep property taxes low in Spanish Fork. If City utility services were provided by private utility vendors, these dividends would instead be paid to the private investor-owners. Because Spanish Fork taxpayers are the investor-owners, these dividends are used to offset what otherwise would be a significant increase in property tax rates. These transfers are of funds which cannot be defined as reasonable allocation of costs between funds. These amounts will not be repaid. The amount of the transfers is as follows: Dollar Amount % of Expenditures From the Water Fund to the General Fund......................................... $194,063 ........................... 2.23% From the Sewer Fund to the General Fund ........................................ $136,362 ........................... 1.86% From the Electric Fund to the General Fund ................................... $863,340 ........................... 3.19% From the Storm Drainage Fund to the General Fund ............... $ 77,965 ........................... 1.23% From the Solid Waste Fund to the General Fund .......................... $ 69,364 ........................... 3.31% From the Broadband Fund to the General Fund ........................... $190,801 ........................... 2.42% Spanish Fork City also has a debt obligation that the Electric Fund is making payments on. The Funds are to pay for the Police / Court Building. This transfer is for funds which cannot be defined as reasonable allocation of costs between funds. This amount will not be repaid. The amount of the transfer is as follows: From the Electric Fund to the Debt Service Fund ........................ $ 671,997 ........................... 2.48% A public hearing will be held on Tuesday, June 5, 2018 at 6:00 p.m. at the City Council Chambers located at Spanish Fork City Hall, 40 South Main Street, Spanish Fork, Utah. The public hearing will be to discuss the proposed dividend transfers in the Fiscal Year 2019

Notice of Special Accommodations (ADA)

SPANISH FORK CITY does not discriminate on the basis of race, color, national origin, sex, religion, age or disability in the employment or the provision of services. If you need special accommodation to participate, please contact the City Manager's Office at 804-4500.

Notice of Electronic or Telephone Participation

N/A

Meeting Information

Meeting Location

40 South Main Street
Spanish Fork, 84660
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Contact Name

Tara Silver

Contact Email

tsilver@spanishfork.org

Contact Phone

(801)804-4530

Notice Posting Details

Notice Posted On

June 05, 2018 08:30 AM

Notice Last Edited On

June 05, 2018 08:30 AM

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