Budget Ordinance Amendment 1st Reading - Finance: Consider Budget Ordinance Amendment 39, amending the FY 2020-21 Budget for municipal purposes respecting the Lubbock Power & Light Operating Fund by increasing expenses in the Purchased Power Cost Center 7315; increasing fund level expenses for the Franchise Fee Equivalent (FFE) payment and Payment in Lieu of Property Tax (PILOT); and increasing revenues for the Power Cost Recovery Factor (PCRF) and FFE.
Item Summary
Amend the FY 2020-21 Lubbock Power & Light Operating Budget by increasing the Power Cost Recovery Factor (PCRF) revenue line-item in the amount of $31,708,193 from $163,088,007 to $194,796,200; increase the Franchise Fee Equivalent (FFE) revenue line-item in the amount of $1,585,410, from $12,150,820 to $13,736,230; increasing the Energy/Fuel expense line-item in Cost Center 7315 in the amount of $31,708,193, from $83,090,503 to $114,798,696; increasing the FFE expense line-item by $1,585,410 from $12,791,442 to $14,376,852; increasing the Payment in Lieu of Property Tax (PILOT) expense line-item by $317,082, from $2,558,288 to $2,875,370.
Fiscal Impact
Included in Item Summary
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer Cheryl Brock, Director of Financial Planning & Analysis