Title
AN ORDINANCE CREATING A FUND ENTITLED “BROADBAND SERVICE FUND (510)” AND DIRECTING APPROPRIATIONS THEREFOR. (as revised 3-5-2019)
Brief Description: This is to establish the Broadband Services Fund to account for the activity of Velocity Broadband. This will be classified as an Enterprise Fund.
Body
Legislative History
Ordinance 15-079 (passed June 2, 2015) authorized the creation of the Broadband Service Fund (510).
Ordinance 15-209 (passed December 15, 2015) authorized the elimination of the Broadband Service Fund (510).
Purpose & Explanation
The purpose of establishing a separate fund for Velocity Broadband is to ensure separate accounting of revenues and expenses. This fund is considered an Enterprise Fund which is intended to be self-supporting through user fees. Revenue within the fund will be user fees from subscribers to the fiber and/or voice system. Expenses will include personnel, operating, capital and debt repayment costs.
Legal Authority for Proposed Legislation
Pursuant to Charter Section 6.04:
Competitively bid and advertised for two consecutive weeks; bid tab attached: [Yes/No/NA])
Joint or Cooperative Purchase Program
Professional Services
X Other - Not Applicable
Fiscal Impact
Currently Budgeted (Account #, $)
Supplemental Appropriation Required (Account #, $)
X Appropriation Not Required
Does this legislation require use of an emergency clause?
Yes [if so, explain why]
X No
Recommendation
Suggested Action
Staff recommends Council approve creating the new Broadband Service Fund (510).
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Assistant City Manager - Finance Director
Brian Griffith, Director - Management & Budget