RESOLUTION NO. ___________
A RESOLUTION OF THE COUNCIL OF THE CITY OF GLENDALE, CALIFORNIA
REDUCING THE PERCENTAGE OF OPERATING REVENUE OF THE GLENDALE
WATER AND POWER DEPARTMENT TO BE TRANSFERRED FROM GLENDALE
WATER AND POWER (ELECTRIC) TO THE GENERAL RESERVE FUND
FOR FISCAL YEAR 2024-25
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF GLENDALE:
WHEREAS, Section 22, Article XI of the City Charter provides that at the end of each fiscal year an amount equal to twenty-five percent (25%) of the operating revenue of the Glendale Water and Power Department for each year, hereinafter referred to as "revenue", excluding receipts from water or power supplied to other cities or utilities at the wholesale rates, shall be transferred from the Glendale Water and Power Surplus Fund to the General Reserve Fund; provided that the Council may annually, at or before the time for adopting the General Budget for the ensuing fiscal year, reduce said amount or wholly waive such transfer, if, in its opinion, such reduction or waiver is necessary to insure the sound financial position of said Glendale Water and Power Department, and it shall so declare by resolution; and
WHEREAS, prior to the time for adopting the General Budget for the Fiscal Year 2024-25, the Council has considered the matter and determined that the transfer should again be suspended for the Water Works Enterprise and decided that it should be reduced to (an estimated $29,471,283) of said revenue for the Electric Works Enterprise and that such reduction is necessary to insure the sound financial position of the Glendale Water and Power Department.
WHEREAS, Section 15, Article XI of the City Charter provides that in any fiscal year in which the total balance in the General Reserve Fund exceeds fifty percent (50%) of the total amount of the anticipated ad valorem tax receipts for that year, the Council may appropriate such excess for any City purpose without returning the same to the General Reserve Fund.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF GLENDALE:
1. The amount of operating revenue to be transferred from Glendale Water and Power Surplus Fund for the Fiscal Year 2024-25 shall be continued to be suspended of said Water Works, and that such suspension is necessary to insure the sound financial position of the Glendale Water and Power Department.
2. Ten percent (10%) of Electric Works operating revenue for the 2024-25 Fiscal Year (estimated at $29,471,283) shall be transferred from the Electric Works Revenue Fund to the Glendale Water and Power Surplus Fund and further transferred to the General Reserve Fund for Fiscal Year 2024-25, and that such reduction from 25% to 10% of operating revenues is necessary to insure the sound financial position of the Glendale Water and Power Department.
3. If the total balance in the General Reserve Fund prior to said transfer of Electric Works operating revenue exceeds fifty percent (50%) of the total amount of the anticipated ad valorem tax receipts for Fiscal Year 2024-25, then the amount so transferred to the General Reserve Fund pursuant to Section 2 above shall be transferred from the General Reserve Fund to the General Budget Fund.
Adopted this ________ day of June, 2025.
_______________________________
Mayor
ATTEST:
___________________________________
City Clerk
STATE OF CALIFORNIA)
COUNTY OF LOS ANGELES) SS
CITY OF GLENDALE)
I, Suzie Abajian, Ph.D., City Clerk of the City of Glendale, do hereby certify that the foregoing Resolution No._________ was adopted by the Council of the City of Glendale, California, at a regular meeting held on the__________ day of June, 2025 by the following vote:
Ayes:
Noes:
Absent:
Abstain:
________________________________
City Clerk