HomeMy WebLinkAbout07/06/2011 5H AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL 15H
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SUBJECT: Approve Final Payment to the Study Session Date June 22, 2011
Port of Bremerton for Water System COUNCIL MEETING Date July 6, 2011
Acquisition Department Public Works & Utilities
Presenter Tom Knuckey
Phone 473 -2376
SUMMARY: In 1999, the City entered into a water system acquisition agreement with the Port of
Bremerton for the sum of $160,000 This agreement was extended in 2006, and is currently
scheduled to terminate in July 2011 The agreement allowed for credits to reduce the total amount
owed to the Port, the City and Port have annually accounted for credits and agree the current
balance owing is $111,232 38 The requested action before City Council is approval of payment to
the Port of Bremerton of $111,232 38 per the terms of the 1999 agreement
ATTACHMENTS: 1 Council Summary, 2 1999 Agreement with the Port of Bremerton,
3 2006 Agreement Extension Letter, 4 April 2011 Letter from Port of Bremerton
FISCAL IMPACTS (Include Budgeted Amount) The amount owing was recognized as an expense
in 1999 and has been carried as a liability on the Water Fund Balance Sheet since that time
Because the expense has already been recognized in the budget year in which it was obligated,
there is no budget impact for this year While this payment will reduce the cash in the fund and
remove the liability from the balance sheet, it will not affect the Water Fund ending fund balance
APPROVALS:
DEPARTMENT DIRECTOR
CITY ATTORNEY
FINANCE DIRECTOR
RECOMMENDED MOTION:
Move to approve final payment to the Port of Bremerton for the sum of $111,232 38 to satisfy the
terms of the Water System Acquisition Agreement
STUDY SESSION ACTION: 06 Con nt A en ❑General Business E] Public Hearing
COUNCIL PRESIDENT
COUNCIL ACTION: EdApprove ❑ Deny Table ❑ Continue ❑ No Action
Form Updated 4/18/2011
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