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Provo Municipal Council
Body: Provo Municipal Council
Subject: Budgeting Hearings
Notice Title: Enterprise Fund Transfer for FY2020
Notice Type: Notice, Meeting, Hearing
Event Start Date & Time: June 18, 2019 05:30 PM
Event End Date & Time: June 18, 2019 06:30 PM
NOTICE TO PROVO CITY UTILITY CUSTOMERS State law requires that Provo City provide an annual disclosure of funds transferred from the utility enterprise funds to the General Fund. Historically, Provo has budgeted for the transfer of 10% of utility fund revenues to the General Fund as a 'dividend' to Provo taxpayers as the result of the taxpayers' investment in the City's utility infrastructure. These funds are used each year to help cover the costs of important City services like police, fire, parks and recreation, and other city functions. The utility transfer, together with franchise fees, helps keep property taxes in Provo low. If City utility services were provided by private utility owners, these dividends would instead be paid to investor-owners. Because Provo taxpayers are the investor-owners, these dividends are used to offset what otherwise would be a significant increase in property tax rates. The 10% transfer totals $11,381,700 in the proposed 2020 budget. Since 2013, a 1% transfer from utility fund revenues has been transferred to the General Fund to be used to enhance available funding for road maintenance. The 2020 budget proposes that $1,138,170 be transferred to the General Fund. It is more cost effective and operationally efficient for certain administrative functions such as legal, human resources, information technology and finance to be administered on a city-wide basis. Transfers from the funds receiving the benefit of these administrative services to the General Fund totaling $1,209,022 have been included in the proposed 2020 budget. A resolution was passed on November 15, 2011, allowing for an Energy rate increase for Telecom Debt Service fee. These fees provide funding for Telecom Debt Service payments. The transfer to the Telecom Debt Service fund totals $3,250,000 in the proposed 2020 budget. Provo City is in the process of implementing a city-wide system known as Provo 360. The system will benefit residents, customers and all departments of the City. The proposed 2020 budget includes transfers of $659,054 to the Provo 360 Fund. A transfer of $511,995 from the Wastewater Fund to the Water Fund has been included in the 2020 proposed budget. The transfer is a reimbursement for management services provided to the Wastewater Fund by the Water Fund. This table outlines the transfers described above: A public hearing will be held on Tuesday, June 18, 2019 at 5:30 p.m. at the Municipal Council Chambers located at the Provo City Center, 351 West Center Street, Provo, Utah regarding the adoption of the Provo City Budget for the fiscal year beginning July 1, 2019 and ending June 30, 2020. Thank you for your support and involvement as a customer of Provo City's utilities.
Notice of Special Accommodations:
Notice of Compliance with the Americans with Disabilities Act (ADA) In compliance with the ADA, individuals needing special accommodations (including auxiliary communicative aides and services) during this meeting are invited to notify the Provo Council Office at 351 W. Center, Provo, Utah 84601, phone: (801) 852-6120 or email email@example.com at least three working days prior to the meeting. The meeting room in Provo City Center is fully accessible via the south parking garage access to the elevator. Council meetings are broadcast live and available for on demand viewing at youtube.com/user/ProvoCityCouncil.
Notice of Electronic or telephone participation:
Notice of Telephonic Communications One or more Council members may participate by telephone or Internet communication in this meeting. Telephone or Internet communications will be amplified as needed so all Council members and others attending the meeting will be able to hear the person(s) participating electronically as well as those participating in person. The meeting will be conducted using the same procedures applicable to regular Municipal Council meetings.
This notice was posted on: May 02, 2019 04:18 PM
This notice was last edited on: May 02, 2019 04:18 PM
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