File #: 2024-0146    Version: 1
Type: Ordinance Status: Passed
File created: 5/7/2024 In control: Budget and Fiscal Management Committee
On agenda: Final action: 6/18/2024
Enactment date: 6/18/2024 Enactment #: 19782
Title: AN ORDINANCE relating to rates and charges for sewage treatment and disposal; and amending Ordinance 12353, Section 2, as amended, and K.C.C. 4A.670.100, Ordinance 18745, Section 2, and Ordinance 11398, Section 1, as amended, and K.C.C. 28.84.055.
Sponsors: Girmay Zahilay
Indexes: Disposal, rate, Sewage, Treatment
Attachments: 1. Ordinance 19782, 2. A. King County Wastewater Treatment Division - Sewer Rate Financial Model, 3. 2024-0146 Transmittal Letter, 4. 2024-0146 Metropolitan Water Pollution Abatement Advisory Committee MWPAAC Letter, 5. 2024-0146 Proposed 2025 Sewer Rate and Capacity Charge and 2025-2034 Financial Forecast, May 2024, 6. 2024-0146 Fiscal Note, 7. 2024-0146 Legislative Review Form, 8. 2024-0146 ATT5_Cash funding, 9. 2024-0146_SR Sewer Rates & Charges 5-22-24, 10. 2024-0146_SR Sewage Treatment & Disposal Rates 6-12-24
Related files: 2018-0231, 2024-B0065
Staff: Giambattista, Jenny
title
AN ORDINANCE relating to rates and charges for sewage treatment and disposal; and amending Ordinance 12353, Section 2, as amended, and K.C.C. 4A.670.100, Ordinance 18745, Section 2, and Ordinance 11398, Section 1, as amended, and K.C.C. 28.84.055.
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BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Ordinance 12353, Section 2, as amended, and K.C.C. 4A.670.100 are hereby amended to read as follows:
A. Having determined the monetary requirements for the disposal of sewage, the council hereby adopts a ((2024)) 2025 sewer rate of ((fifty-five)) fifty-eight dollars and ((eleven)) twenty-eight cents per residential customer equivalent per month. Once a sewer rate ordinance becomes effective, the clerk of the council is directed to deliver a copy of that ordinance to each agency having an agreement for sewage disposal with King County.
B. The King County council approves the application of Statement No. 62 of the Governmental Accounting Standards Board (GASB-62) as it pertains to regulatory assets and liabilities to treat pollution remediation obligations and RainWise Program expenditures and strategic planning costs as regulatory assets, recovered ratably over the life of the underlying financing, and to establish a rate stabilization reserve for the purpose of leveling rates between years.
C. As required for GASB-62 application, amounts are to be placed in the rate stabilization reserve from operating revenues and removed from the calculation of debt service coverage. The reserve balance shall be an amount at least sufficient to maintain a level sewer rate between ((2023)) 2025 and ((2024)) 2026, and shall be used solely for the purposes of: maintaining the level sewer rate in ((2024)) 2026; and if additional reserve balance is available, moderating future rate increases beyond ((2024)) 2026. The estimated amount of the reserve, as shown in the financial forecast, Attachment A to ((Ordinance 19447)) this ordinance, shall be revised in acc...

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