Meeting Summary
The Stillwater City Council and Utilities Authority met to discuss several key financial and community-focused initiatives. The Utilities Authority approved new economic development riders and the deployment of $7 million in surplus funds to the city's capital fund. The City Council reviewed proposals for reinstituting a homebuyer assistance program, discussed the Balancing Act online budget simulation tool, and received an overview of the proposed Fiscal Year 2020 budget, with a significant focus on transportation funding.
Key Decisions & Votes
Economic Development Riders
07:00The Stillwater Utilities Authority approved two new economic development riders from Gerda, designed to incentivize load growth in Gerda communities. These riders offer a $1.50 demand credit per kW for large loads or net growth, which the city can use to attract and retain businesses.
Deployment of SUA Surplus Funds
19:00The SUA approved the deployment of $7 million in surplus funds to the city's capital fund for fiscal year 2020. This surplus resulted from a review of cash balances and reserve levels, including $3.9 million from an administrative leave designated reserve fund and $3.1 million from projected available cash in the SUA operating fund.
Financial Matters
SUA Surplus Funds Deployment
Deployment of surplus funds from the Stillwater Utilities Authority to the city's capital fund for fiscal year 2020, comprising $3.9 million from the administrative leave designated reserve fund and $3.1 million from the SUA operating fund.
Homebuyer Assistance Program Funding
Existing funds available for the re-implementation of the Homebuyer Assistance and Homebuyer Education Program, to be utilized in the upcoming fiscal year 2020 budget.
Electric Rate Study Funding
Gerda will help fund the electric rate study for the city.
Proposed FY2020 Budget Revenues
Sales and use tax revenues are projected to remain flat at $28.4 million and $1.6 million respectively, indicating a conservative approach to budgeting.
Transportation Funding
A total of $25.4 million has been dedicated to transportation projects across fiscal years 2019 and 2020, including $3 million from SUA surplus, $1.5 million from the citywide capital plan, and the half-cent sales tax.
Police Car Purchases
Eight new police cars are needed, with a total requirement of 12.
Ladder Truck Purchase
A new ladder truck is needed, with $200,000 coming from the general fund and the remainder sourced by the fire chief.
IT Server Refresh
A server refresh for IT is estimated to cost half a million dollars or more.
Pool Slide Replacement
Replacement of the pool slide at the community pool.
Coming Up
Deadlines
- March 30th: Deadline for submitting balanced budget recommendations via the Balancing Act tool.
- April 15th: Public hearing for the proposed FY2020 budget.
- April 22nd: Study session dedicated to transportation and road funding.
- May 13th: Final adoption of the FY2020 budget.
Watch For
- Development of a formal reserve policy for enterprise and general funds.
- Further details on the re-implemented Homebuyer Assistance Program, including policy guidelines and funding mechanisms.
- Results and analysis from the Balancing Act budget simulation tool.
- Electric rate study findings and recommendations.
- Detailed plans and progress updates on transportation projects.
Announcements
- The city is the first in Oklahoma to offer both the Balancing Act budget simulation and Taxpayer Receipt tools to its residents.
- The city will be conducting interviews with consultants for the electric rate study soon.
- Premiums for the city's self-insurance health fund are expected to remain static this year.
Agenda Summary
SUA General Orders: Economic Development Riders
Presentation and discussion of two new economic development riders from Gerda designed to incentivize load growth in Gerda communities.
SUA General Orders: Surplus Funds Update and Possible Deployment
Discussion and recommendation for the deployment of $7 million in surplus funds from the SUA to the city's capital fund.
CC-19-33: Recommendation to Reinstitute the Homebuyer Assistance Program
Review of the history and proposal to reinstitute the Homebuyer Assistance and Homebuyer Education Program, utilizing existing funds and developing new policy guidelines.
Report on Balancing Act Online Software Program
Update on the city's use of the Balancing Act budget simulation tool and Taxpayer Receipt, including user engagement and preliminary findings.
Review of Proposed Fiscal 2020 Budget: Reserve Levels
Discussion of staff's recommendation for establishing formal reserve levels for the city's enterprise and general funds, and the development of a reserve policy.
Review of Proposed Fiscal 2020 Budget: Capital Improvement Plan
Discussion of staff's recommendation to address ongoing capital needs, including identifying sustainable funding sources, creating a city capital fund, and seeding it with $7 million from SUA surplus funds.
Review of Proposed Fiscal 2020 Budget: General Overall Budget
Overview of the proposed FY2020 budget, focusing on revenue projections, transfers, employee compensation, and significant investments in transportation and other capital needs.