HomeMy WebLinkAboutResolution_52-98/99_09/09/1999 RESOLUTION NO. 52 -98/99
A RESOLUTION OF THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA,
APPROVING AN ANNUAL PRICE INDEX RATE ADJUSTMENT
OF 1.07% 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, 1999, TO BE
ADJUSTED EACH FISCAL YEAR; PROVIDING AN EFFECTIVE
DATE.
WHEREAS, on November 13, 1997, the 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. The rates, charges and fees enumerated in Section 18 -3 of the Code of
Ordinances of the Village shall be amended by an automatic annual rate adjustment in the amount
of 1.07 %, effective October 1, 1999, and on each October 1 of each successive year.
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
(Net Operating Expenses)(Consumer Price Index) = Index Adjustment Amount
Index Adjustment Amount = Price Index Rate Adjustment
Fiscal Year Revenue From Monthly User Charges
B. Applying these formulas for fiscal year 1999/2000 (summarized in the table below),
the annual price index rate adjustment effective on October 1, 1999, is 1.07 %.
Fiscal Year 2000 Operating Expenses $2,561,931
Cost of Purchased Water ( 667,950)
Net Operating Expenses $1,893,981
Consumer Price Index (May 1999) 1.8%
Index Adjustment Amount $ 34,092
Fiscal Year 2000 Revenue (User Charges) $3,176,583
Price Index Rate Adjustment 1.07%
Section 3. This Resolution shall become effective immediately upon passage.
THE FOREGOING RESOLUTION was offered by Councilmember
Sc bnuer , who moved its adoption. The Resolution was seconded by
Councilmember Capretta and upon being put to a vote, the vote was as
follows:
FOR ADOPTION AGAINST ADOPTION
Joseph N. Capretta
Basil E. Dalack
Carl C. Hansen
Elizabeth A. Schauer
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The Mayor thereupon declared the Resolution duly passed and adopted this 9th day of
• September, 1999.
MAYOR OF TEQUESTA
Ron T. Mackail
ATTEST:
'V'illage Clerk
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