Title
Presentation of Velocity Broadband Business Plan
Brief Description: Staff will present a Business Plan for Velocity Broadband (VBB) that will describe the recommended approach to optimize our existing network as part of accounting for VBB in an Enterprise Fund.
Body
Legislative History
Ordinance 19-7 creating a Fund entitled “Broadband Service Fund (510)” has been read twice and is being considered for passage by City Council at the March 5, 2019 Council meeting.
Purpose & Explanation
VBB is currently accounted for within the General Fund. There is a strong desire within Council to move it to an Enterprise Fund. By definition, an Enterprise Fund is a fund that provides goods or services to the public for a fee that makes the entity self-supporting.
The purpose of the presentation is to discuss with Council the recommendations for helping ensure the long-term sustainability of VBB by optimizing the use of the current fiber network which in turn will allow it to be self-supporting.
Timing Considerations
The third reading for establishing the Fund is scheduled for March 5, 2019.
Fiscal Impact
Currently Budgeted (Account #, $)
Supplemental Appropriation Required (Account #, $)
X Appropriation not required; however we would need to amend appropriations to move the current budget from the General Fund to the new Broadband Service Fund.
Recommendation
Suggested Action
Staff recommends Council permit us to move forward with the approach described in the Business Plan.
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Asst City Manager/Finance
Will Ersing, Broadband Manager
Jim Stifler, Chief Economic Officer