HomeMy WebLinkAboutResolution_74-99/00_08/10/2000RESOLUTION NO. 74-99/00
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A RESOLUTION OF THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY,
FLORIDA, APPROVING AN ANNUAL PRICE INDEX
RATE ADJUSTMENT OF 1.72% FOR THE RATES AND
CHARGES INCLUDED IN CHAPTER 18 OF THE
VILLAGE CODE OF ORDINANCES, SAID RATE
ADJUSTMENT TO BE EFFECTIVE ON ALL BILLS
RENDERED ON OR AFTER OCTOBER 1, 2000, TO BE
ADJUSTED EACH FISCAL YEAR; PROVIDING AN
EFFECTIVE DATE.
WHEREAS, on November 13, 1997, Village Council adopted
Ordinance No. 529 providing for an automatic annual rate
adjustment to the charges and fees enumerated in Section 18-3
of the Code of Ordinances of the Village; and
WHEREAS, this automatic annual rate adjustment becomes
effective with bills rendered on or after October 1, 1999,
and will be adjusted in each subsequent fiscal year; and
WHEREAS, the annual price index rate adjustment is directly
related to the consumer price index as generated from the
Bureau of Labor in May of each year.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, as follows:
Section 1. Section 18-3 of the Code of Ordinances of the
Village provides that water rates, charges and fees shall
be amended by an automatic annual rate adjustment. The
amount of 1.72% shall be effective October 1, 2000.
Section 2. The annual price index rate adjustment
referenced above is calculated using the consumer price
index as follows:
A. Fiscal Year Operating Expenses - Cost of Water Produced =
Net Operating Expenses
Index Adjustment Amount = Price Index Rate Adjustment
Fiscal Year Revenue From Monthly User Charges
B.Applying these formulas for fiscal year 2000/2001
(summarized in the table below), the annual price
index rate adjustment effective October 1, 2000, is
1.72%
Fiscal Year 2000 Operating Expenses $ 2,613,593
Cost of Purchased Water ( 667,950)
Net Operating Expenses $ 1,945,643
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Consumer Price Index (May 2000) 3.1%
Index Adjustment Amount $ 60,315
Fiscal Year 2001 Revenue(User Charges)$ 3,510,000
Price Index Rate Adjustment 1.72%
Section 3. This Resolution shall become effective
immediately upon passage.
THE FOREGOING RESOLUTION was offered by Councilmember
Schauer who moved its adoption. The
Resolution was seconded by Councilmember
Walker and upon being put to a
vote, the vote was as follows:
FOR ADOPTION
Joseph N. Capretta
Basil E. Dalack
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Elizabeth A. Schauer
AGAINST ADOPTION
Sharon D. Walker
The Mayor thereupon declared the Resolution duly
passed and adopted this lOt'' day of August, A.D, 2000.
MAYOR OF TEQUESTA
oseph N.Capretta
ATTEST:
oann Manganie to
Village Clerk
Resolution\PriceZndex Resolution
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