Title
Financial Services Committee Regular Meeting - April 14, 2005.
Body
Resolved that the Financial Services Committee hereby approves the Minutes of the Regular Meeting of April 14, 2005 as amended as follows:
pages 2 and 3- delete the following paragraphs:
* City has been subsidizing the rates with the excess "tap in" monies sitting in the Water and Sewer Fund.
* City has been subsidizing drains with the City's cash reserves which should be held and used for any Capital Improvements.
* Original customer "tap-in" fees amounted to $48 million and have decreased to the current amount of $13 million through subsidization.
* City's current focus is to take Capital and Lateral revenues and place them into a Capital Replacement Fund for future replacements.