File #: 2005-0182    Version:
Type: Ordinance Status: Passed
File created: 4/18/2005 In control: Budget and Fiscal Management Committee
On agenda: 5/31/2005 Final action: 5/31/2005
Enactment date: 6/8/2005 Enactment #: 15194
Title: AN ORDINANCE determining the monetary requirements for the disposal of sewage for the fiscal year beginning January 1, 2006, and ending December 31, 2006, setting the sewer rate for the fiscal year beginning January 1, 2006, and ending December 31, 2006, and approving the amount of the sewage treatment capacity charge for 2006; in accordance with RCW 35.58.570 and amending Ordinance 12353, Section 2, as amended, and K.C.C. 4.90.010 and Ordinance 11398, Section 1, as amended, and K.C.C. 28.84.055.
Sponsors: Larry Gossett, Larry Phillips
Indexes: Budget, Fees, Sewage
Code sections: 28.84.055 - , 4.90.010 -
Attachments: 1. Ordinance 15194.pdf, 2. 2005-0182 Attachment 2 to 5-4-05 Staff Report.pdf, 3. 2005-0182 Attachment to Transmittal Letter - Wastewater Treatment Enterprise 2006 Rate Financial Plan.xls, 4. 2005-0182 Attachment to Transmittal Letter - General Assumptions 2006 Rate Forecast.pdf, 5. 2005-0182 Hearing Notice.doc, 6. 2005-0182 Staff Report 05-04-05, 7. 2005-0182 Staff Report 05-11-05.doc, 8. 2005-0182 Transmittal Letter.doc, 9. A. Wastewater Treatment Enterprise 2006 Rate Financial Plan, 10. A. Wastewater Treatment Enterprise 2006 Rate Financial Plan
Drafter
Clerk 05/11/2005
Title
AN ORDINANCE determining the monetary requirements for the disposal of sewage for the fiscal year beginning January 1, 2006, and ending December 31, 2006, setting the sewer rate for the fiscal year beginning January 1, 2006, and ending December 31, 2006, and approving the amount of the sewage treatment capacity charge for 2006; in accordance with RCW 35.58.570 and amending Ordinance 12353, Section 2, as amended, and K.C.C. 4.90.010 and Ordinance 11398, Section 1, as amended, and K.C.C. 28.84.055.
Body
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Ordinance 12353, Section 2, as amended, and K.C.C. 4.90.010 are each hereby amended to read as follows:
A. Having determined the monetary requirements for the disposal of sewage, the council hereby adopts a ((2005)) 2006 sewer rate of twenty-five dollars and sixty 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 of Financial Accounting Standards No. 71 (FAS 71) to establish a rate stabilization reserve for the purpose of leveling rates between years.
C. As required for FAS 71 application amounts are to be placed in the rate stabilization reserve from 2005 operating revenues and removed from the calculation of debt service coverage for 2005. The reserve balance shall be an amount at least sufficient to maintain a level sewer rate between 2005 and 2006, and shall be used solely for the purposes of: maintaining the level sewer rate in 2006; and if additional reserve balance is available, moderating future rate increases beyond the 2005-2006 period. If the estimated amount of the reserve, as shown in the financial forecast, Attachment A to this ordinance, needs to be adjusted to meet debt service covera...

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