HomeMy WebLinkAboutStaff Report 4.C 06/18/2012 • AgaleG I/Ite:Wli#4. 0
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DATE: June 18, 2012
TO: Honorable Mayor and Members of the City Council
FROM: John C. Brown, City Mana
SUBJECT: Resolution Authorizing a Loan from the Storm Drainage Impact Fee Fund to the
Storm Water Utility Fund in an Amount Not to Exceed $1.6 Million.
RECOMMENDATION
It is recommended that the City Council adopt the attached Resolution Authorizing a Loan from
Storm Drainage Impact Fee Fund to the Storm Water Utility fund in an amount not to exceed
$1.6 million.
BACKGROUND
The City undertook a review of its utility rates during 2010 and 2011. In that process, the City
Council was able to reduce the amount of the wastewater rate adjustment that was approved in
2006, for implementation.in 2011, from an increase of 13 percent down to nine (9) percent.
Wastewater rate adjustments were further reduced to an increase of five (5) percent for 2012 and
are limited to CPI-based increases in each of the next four years.
During the rate adjustment process, other studies were conducted that contributed to assumptions
used in the recommended rate structure presented to Council in November 2011. These included
an Urban Water Management Plan (UWMP), and a Stormwater Program Funding Evaluation.
The UWMP provided justification for City Council to reduce the number, and extend the timing,
of capital projects incorporated into rate setting, based on a lower-than-previously-estimated-
need for potable water offsets from recycled water. The Storm Drainage study addressed both
operational and capital needs associated with the kind of program anticipated in the General
Plan, and the financing options available to meet those needs. It also sought to address storm
water-related costs charged to the wastewater budget. The consultant, HDR, concluded that
storm drainage maintenance costs are appropriately charged to the wastewater budget, as they are
in many other jurisdictions. This conclusion was based on the rationale that such activities
benefit the wastewater system.
They reduce the amount of infiltration and inundation the system would otherwise have to carry
and process, and reduce associated costs. This rationale appears to be generally consistent in the
case of Howard Jarvis Taxpayers Association v. City of Salinas (2002) 98 Cal.App.4`1 1351. In
that case, the court held that storm water fees are subject to the majority vote requirements in
Agenda Review:
City Attome Finance Director City Manage'
1
Proposition 218, because storm water systems are not the same as sewer systems. However, the
case appears to leave open the potential for charging and recovering as sewer charges exempt
from majority vote requirements storm drainage maintenance costs necessary to maintain
sanitary sewer systems, such as maintenance needed to protect sewer facilities from storm
events.
In 2011, staff conducted a review of the costs attributable to storm water maintenance before
finalizing recommendations for water and wastewater rate setting. Following is a summary of
storm water expenditures at Midyear 2011/12.
Stormwater Program Expenditure Summary 7/1/2011 -12/31 2011
2011/12*
Sal/Ben $61,845
Supplies $6,017
Services $104,935
Total $172,797
* through 12/31/2011
•
Material provided to the Council in November 2011 identified the costs of storm water related
services that provide direct benefits required for safe and cost-effective operation of the
wastewater system. Costs in this category were approximately $290,000 and were factored into
•
2011 Wastewater rate setting.. A budget amount of$582,000 for storm water costs not directly
necessary for wastewater operations was excluded from the final rate setting calculations.
Excluding those costs reduced the overall rate adjustment approved by the City Council for 2012
by 2.8 percent for the average rate payer.
During the public hearing conducted in November 2011, Bryant Moynihan appeared and
protested against the inclusion of any storm water maintenance costs in the Wastewater budget,
even those staff maintain are necessary for the safe and cost effective operation of the City's
wastewater system. The Council unanimously approved rate adjustments that incorporated
$290,000 in storm water related costs that are required for operation of the wastewater system.
The November, 2011 rate adjustments excluded the $582,000 in storm water related costs not
directly necessary for wastewater operations from the rate calculations.
In January 2012, Mr. Moynihan filed suit with the Superior Court seeking: a writ of mandate
directing the City to cease transfers of wastewater enterprise funds to support storm drainage
maintenance or operations and restore to the wastewater fund all prior expenditures for storm
drainage maintenance and operations; a judgment declaring the City's practices have and will
continue to violate the California Constitution; a restraining order and injunctions to prevent the
City from transferring funds from the wastewater enterprise to support storm drainage operations
and maintenance and ordering the City to restore to the wastewater fund all prior expenditures
for storm drainage maintenance and operations; and attorney's fees and costs. While staff
acknowledges the requirements of the Salinas case, discussed above, we disagree with Mr.
Moynihan's contention that no storm water related charges may be treated as legitimate costs of
c�'
the wastewater system under Salinas. Staff also believes Mr. Moynihan is barred from
challenging prior wastewater rate setting actions.
This agenda item addresses, in part, the Council's priority to evaluate options for funding storm
water maintenance costs.
DISCUSSION
The City has historically charged storm water-related costs to the Wastewater budget, relying on
the rationale articulated in the HDR study. Rate setting documents in 2000 and 2006 specifically
discussed these charges. Ratepayers did not protest proposed rate adjustments in sufficient
numbers to disapprove the rates approved by City Councils in those years. Staff has not
researched rate adjustments prior to 2000 to determine whether these charges were incorporated
in earlier rate settings, although it is highly likely that they were. Documents in 2000 and 2006
were available for review by ratepayers. As previously indicated, and discussed in the HDR
study, assessing charges of this type to Wastewater funds is an equitable means of charging
residents for the cost of storm water activities:
`...HDR has concluded that the City's [then] current funding of its storm water program
through sewer rates can be justified based on the benefits to customers. These benefits
include: Reduced sewage collection and treatment costs; Protection of surface water and
groundwater; Flood Control; Broader environmental benefits, such as protection and
enhancement of fish and wildlife habitat"I. HDR further concluded:
"Regarding concerns about fairness, equity, and subsidies under California's Proposition
218 regulations, HDR believes the sewer rate revenue used to pay for a portion of storm
water activities is an appropriate use of sewer funds, does not create subsidies, and is a
fair and equitable means of charging City residents for storm water program costs. This
position is based on a review of industry practices, methodologies used by Similar
sewer/storm water utilities, and basic cost of service principles.-2
It appears that, consistent with the Salinas case, the costs of activities directly necessary to
support the operation of the wastewater system, whether or not they are also related to storm
water maintenance, are allowable expenses for rate setting purposes. As noted above, such storm
water related wastewater costs were estimated in 2011 at approximately $290,000. As indicated,
storm water related costs totaling$582,000 that are not directly necessary for operation of the
wastewater system were excluded front rate setting calculations for rates effective January 2012
based on a staff analysis of budgeted costs conducted at that time. All storm water maintenance
related costs, those directly necessary for operation of the wastewater system and those that are
not, are now assigned to a separate budget which resides in a separate Storm Water Utility fund.
Since November 2011 staff has continued to analyze storm water costs, to:
MDR,City of Petaluma Stonnwater Program Funding Evaluation, April 21011. Page 1.
2 Ibid.
• assure that all activities charged to the wastewater budget are allowable under the Salinas
case;
• evaluate the accuracy of the amounts budgeted when compared to actual expenditure
experience;
• establish which activities are ongoing and which may no longer be necessary; and
• identify other funds which may be more appropriately charged for the service provided.
Attachment 2 summarizes the results of that analysis and is the basis for cost estimates for
ongoing services now resident in the Storm Water Utility fund.
Staff found some activities had previously been budgeted to include contingencies. These items
are reduced to exclude contingencies, based on trend analysis and anticipated need. Other
activities were irregular or one-time, rather than ongoing, and were removed if appropriations for
those activities are not currently necessary. Justification also exists for charging a portion of
storm water related activities to other funds. It is proposed that these items be charged to those
funds, through transfers that will support the new storm water fund. Ultimately, there remains a
group of activities that must be conducted on a continuing basis, for which no dedicated funding
source now exists. In some jurisdictions these items would be funded through benefit
assessments. In others, they are charged to.the General Fund. Funding these activities today
represents a serious challenge. The General fund lacks capacity to absorb these costs and no
separate finding source, such as a Storm water utility, exists.
Based on the analysis summarized in Attachment 2, storm water-related activities for 2012/13
total approximately 51.06 million. Of that, approximately 5299,500 is directly attributed to the
Wastewater fund for activities such as inspection, cleaning and repair of drop inlets and storm
tubes; utility inventory mapping; and minor amounts for education/development, and intra-
governmental charges and administrative overhead. That amount is slightly more than the
$290,000 used in rate setting calculations.
Another $265,300 is attributable to other funds for the benefits provided to them. This
represents costs that should be charged to CIP projects for project management, environmental
and planning services, and compliance with regulatory permits. It also includes costs associated
with development review that should be charged to applicants on a cost-recovery basis, and costs
to other funds based on benefits derived by those funds. The remaining amount, approximately
$499,000 covers an array of necessary services, activities, and staff costs including cost of
oversight agency permits, equipment rentals, vehicle maintenance, and consulting services for
report preparation, to name a few. As previously indicated, these costs might typically be
charged to the General Fund or supported by fees or charges such as those related to a storm
water utility. Establishing a storm water utility was discussed during the HDR presentation to
Council in May 2011. It was also discussed during the Council's 2012 and 2013 goal setting
session, where the Council decided to defer pursuing that option at the present time. Such an
action would require voter approval and the next opportunity to place the matter on the ballot for
a general election is November 2014.
The cost of all subject activities•are now budgeted in a separate Storm Water Utility fund and
supported by transfers. Transfers include water and wastewater funds, COP projects, and cost
recovery associated with development applications. The concept of a loan, to cover those costs
that would otherwise be funded through dedicated storm water charges or the General Fund, until
another revenue source can be secured, has been discussed by the Council. The budget for
2012/13 was approved by the Council on June 4, 2012 and includes the new fund, the
aforementioned transfers, and a transfer from the Storm Drainage Impact Fee fund. This latter
transfer represents a loan from the impact fee fund, needed to support the balance of costs in
• 2012/13. It is recommended that transfers from this source continue through December 31,
2014. This will enable the Council to pursue the process of establishing a storm water utility,
including placing the matter on the November 2014 ballot, and/or to consider alternative funding
sources that might fill the same need in the meanwhile.
The City's interfund loan policy authorizes the City Manager to approve long-term interfund loans (12
months or more only when authorized by City Council Resolution). This has been done in the past with a
Promissory Note. The policy provides that loans should include interest charges and shall have a
maximum term of 15 years.
It appears that, based on an annual loan of$499,000 for the period from January 1, 2012 through
December 31, 2014, adjusted for inflation at an annual rate of three percent, a maximum loan of
approximately $1.6 million is needed from the Storm Drainage Impact fee fund. Pursuant to the
Interfund loan policy, interest equal to the rate earned by the City Treasurer's Investment
Portfolio (variable%) per annum will be charged for interfund loans. Currently, the interest rate
earned on the investment portfolio averages approximately six tenths of one percent (.6%). The
ten year average for investment earnings on the portfolio is approximately 2.37%.
It is proposed, then, that the City Council authorize a loan from the Storm Drainage Impact Fee
fund, to the Stormwater Fund, in an amount not-to-exceed $1.6 million for the period from
January 1, 2012 through December 31, 2014. It is proposed that interest accrue during this
period, but that debt service payments be deferred until 2015. This recognizes the lack of funds
currently available to service this debt. Interest would be calculated on a variable rate, per
annum, using the average rate.earned by the City Treasurer's Investment Portfolio. Using the ten
year average as the basis for estimating the cost of this proposal, with interest accruing in 2012,
2013, and 2014, and a 12-year payback period to follow. Loan repayments would be
approximately $151,300 per year, and would be serviced from either the general fund, or from a
dedicated storm water revenue source. These costs are currently taken into account in the
General Fund's long term financial forecast, beginning in FY 2014/15.
As this mechanism is necessary to maintain storm water operations during the next two years, a
promissory note and enabling resolution are attached for your consideration and approval.
FINANCIAL IMPACTS
The recommended action will establish an obligation of approximately $1.6 million, for principle
loaned during the period from January 1, 2012 through December 31, 2014 from the Storm
Drainage Impact Fee fund (fund number 2155) to the Storm Water Utility fund (fund number
6800). Transfers will be made from time to time, based on actual expenses incurred but shall not
exceed $1.6 million in the aggregate for that period, unless a higher amount is subsequently
approved by the City Council. Interest rates are at an all time low, and the City Treasury is
currently earning approximately six tenths of one percent (.6%) on its investment portfolio.
Using the ten-year average rate of 2.37 percent, which would be more appropriate looking fifteen
years into the future, and with a 12-year pay-back period,,annual loan payments, starting after
January 1, 2015 would be approximately $151,300. An amount sufficient to make debt service
payments is programmed in the General fund percent financial forecast beginning in 2014/15,
but would need to be incorporated into the budget in each year payments will be necessary.
ATTACHMENTS
1. Resolution
2. Stonnwater Costs
W
ATTACHMENT 1
Resolution No. 2012 - N.C.S.
of the City of Petaluma, California
AUTHORIZING AN INTERFUND LOAN FROM THE STORM DRAINAGE IMPACT
FEE FUND TO THE STORM WATER UTILITY FUND
WHEREAS, Storm water maintenance and Operations costs have historically been
budgeted in the Wastewater Utility Fund; and
WHEREAS, a portion of the activities associated with those costs do not directly support
the operations of the Wastewater system; and
WHEREAS, those costs were removed from the Wastewater Utility fund and excluded
from expenses included in rate setting adjustments that were approved by the City Council in
November 2011 and became effective on January 1, 2012; and
WHEREAS, Staff has conducted a thorough,analysis of all activities associated with
storm water maintenance and operations, and has identified core activities which are required to
maintain the storm water system and protect the community and environment from the adverse
effects of unmanaged storm water runoff; and
WHEREAS, those activities are estimated to cost approximately$500,000 per year, and
are now budgeted in a separate Storm Water Utility fund for which there is not yet a dedicated
funding source; and
WHEREAS, it is the intention of the City Council to investigate options for establishing
a dedicated funding source for the aforementioned activities, and such investigation is
anticipated to be completed by January 2015; and
WHEREAS, in the meanwhile, due to financial hardship, it is not possible to support the
aforementioned activities through a subsidy from the General Fund such that another funding
source is required in the near-term; and
WHEREAS, funds are available in the Storm Drainage Impact Fee Fund that can be used
to support these costs for the period from January 1, 2012 through December 31, 2015; and
WHEREAS, it is the policy of the City Council that interfund loans of greater than one
• year may be approved,.provided that such loans are repaid in fifteen (15) years or less,and that
interest should be paid on such loans;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Petaluma
hereby approves an interfund loan from the Storm Drainage Impact Fee fund to the Storm Water
Utility fund.
1. The interfund loan shall be formalized pursuant to a Promissory Note, attached and
incorporated herein as Exhibit A.
2. The loan amount shall not exceed $1,600,000 unless authorized by the City Council.
3. Amounts shall be transferred as the City Manager directs from time to time, not to exceed
the total sum of$1,600,000. These funds shall provide for core storm water maintenance
and operations activities for the period from January 1, 2012 through December 31, 2014.
4. Interest shall be charged at the rate of that earned by the City Treasurer's Investment
Portfolio (variable%) per annum, and shall accrue quarterly, effective January 1, 2012.
5. The first loan payment, including accrued interest, shall be made on June 30, 2015 and
annually thereafter, in twelve equal annual installments, such that the entire principal and
interest shall be repaid on or before June 30, 2026, unless extended by the City Council.
6. Payment of the full amount of principal advanced and.any interest otherwise unpaid shall
be made no later than June 30, 2026, unless extended by the City Council.
7. The City Manager and Finance Director/City Treasurer are hereby authorized to execute
the Promissory Note and any associated documents that may be subsequently needed.
•
EXHIBIT A
CITY OF PETALUMA, CA
PROMISSORY NOTE FOR INTERFUND LOAN
This Promissory Note (Note) for an Interfund Loan is executed as of June 19, 2012, by the City
Treasurer of the City of Petaluma, acting as custodian of the funds of the City of Petaluma, and
the City Manager of the City, acting for the City Council in implementation of the directives and
authority of Resolution Number 2012- , adopted on June 18, 20.12.
1. The Treasurer shall transfer to the Storm Water Utility Fund, from the Storm Drainage
Impact Fee Fund, the expenditures necessary and incurred during each fiscal year for
core storm water maintenance=and operations activities for the period from January 1,
2012 through December 31, 2014,.not to exceed the total principal sum of One Million
Six Hundred Thousand dollars ($1,600,000).
2. Interest shall accrue quarterly, without compounding, beginning January 1, 2012, on all
principal sums advanced at the same rate as for the-City Treasurer's Investment
Portfolio (variable %) per annum, based on the previous year earnings of said portfolio.
3. Payment of principal and all interest accrued as of January 1, 2015 shall begin on June
30, 2015 and shall be made in twelve equal annual installments such that the entire
principal and accrued interest shall be fully repaid on or before June 30, 2026.
4. The full sum of the Interfund Loan including all principal advanced and interest
otherwise remaining unpaid pursuant to this Promissory Note is due and payable no
later than June 30, 2026. The full sum or any partial payment of principal may be
prepaid with no penalty.
5. This Note is subject to the terms-of City of Petaluma Resolution Number 2012-
Executed-as of the date first above written
CITY OF PETALUMA, CA
By:
City treasurer
By
City Manager
Approved:as to:fonn,this day of , 20 .
By:.
City Attorney
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