TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA
TITLE: An Ordinance of the City of North Port, Florida, Authorizing a Reasonable Return on Equity from the Ownership and Operation of the City's Utility System; Amending the Code of the City of North Port, Florida, Section 78-22; Providing for Findings; Providing for Conflicts; Providing for Severability; Providing for Codification; and Providing an Effective Date.
Recommended Action
First Reading:
City Commission approve and continue Ordinance No. 2023-30 to second reading.
Recommended Action for Second Reading:
Adopt Ordinance No. 2023-30 as presented.
Background Information
The City Manager held a budget workshop June 14, 2023, where the Payment in Lieu of Taxes (PILOT) on water revenues was presented as part of the City Manager's recommended budget. Utilities staff was tasked with performing research, in conjunction with the City Attorney's office, to find out what would be required for implementation.
The City Attorney's direction was to add clarity to the City Code to show that any just and equitable rate of return after operation and maintenance costs, principal and interest on bond payments, and renewal and replacement costs can be utilized for any lawful City purpose.
The Ordinance has been reviewed by the City Attorney's office for form and correctness.
Information for Second Reading:
At its regular meeting on November 14, 2023, the City Commission heard Ordinance No. 2023-30 and continued the ordinance to second reading on November 28, 2023 as presented.
Ordinance No. 2023-30 is exempted from the business impact estimate requirement per Florida Statute Section 166.041(4)(c) as it relates the adoption of budgets to budget amendments, including revenue sources necessary to fund the budget.
Strategic Plan
Good Governance
Financial Impact
N/A
Procurement
N/A
Attachments:
1. Ordinance - First Reading
2. Ordinance - Second Reading...
Click here for full text