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RESOLUTION 35-17 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE TOWN <br /> OF LOS ALTOS HILLS ACCEPTING THE FISCAL YEAR <br /> 2017-18 SEWER OPERATION AND CAPITAL PLAN <br /> WHEREAS, the City Council of the Town of Los Altos Hills has received and completed its <br /> review of the proposed 2017-18 Operating and Capital Budget; and <br /> WHEREAS,the City Council is concerned with Sewer Cash Flow and the need to increase sewer <br /> rates; and <br /> WHEREAS,the City Council directed staff to meet with Finance &Investment Committee (FIC) <br /> and revisit the Cash Flow model and discuss ways to raise the available cash above to minimum <br /> cash reserve requirement of$1.5 million; and <br /> WHEREAS, staff met with the FIC Chair and Vice Chair and were tasked to review the Cash <br /> Flow and remove all budgeted contingency; and <br /> WHEREAS, staff identified $250,000 to $450,000 of budgetary contingency to be used for <br /> unanticipated sewer needs including sanitary sewer overflows, special sewer projects, and other <br /> unexpected spending increases; and <br /> WHEREAS, the removal of all budgetary contingencies will bring the available cash above the <br /> minimum reserve level; and <br /> NOW THEREFORE, the City Council of the Town of Los Altos Hills does hereby resolve to <br /> accept the 2017-18 Sewer Operation and Capital Plan with budgetary contingencies. <br /> The above and foregoing Resolution was passed and adopted by the City Council of the Town of <br /> Los Altos Hills at a regular meeting held on the 15th day of June 2017 by the following vote: <br /> AYES: Waldeck, Radford, Corrigan, Spreen, Wu <br /> NOES: None <br /> ABSTAIN: None <br /> ABSENT: None <br /> BY: -- ",# 17 <br /> Gary Waldeck, Mayor <br /> ATTEST: <br /> /. <br /> ? ' <br /> ", Deborah Padovan, City Clerk <br /> Resolution 35-17 Page 1 <br />