Title
a. Hold a public hearing to consider approving and adopting Fiscal Year (FY) 2024-25 assessment charges with cost-of-living adjustment (COLA) increase of 2.4% for Zone 2C Administration and Operations and Maintenance of Nacimiento and San Antonio Dams; and
b. Adopt a resolution approving the FY 2024-25 COLA increase of 2.4% to assessment charges of Zone 2C Administration and Operations and Maintenance of Nacimiento and San Antonio Dams.
Report
RECOMMENDATION:
It is recommended that the Monterey County Water Resources Agency Board of Supervisors:
a. Hold a public hearing to consider approving and adopting Fiscal Year (FY) 2024-25 assessment charges with cost-of-living adjustment (COLA) increase of 2.4% for Zone 2C Administration and Operations and Maintenance of Nacimiento and San Antonio Dams; and
b. Adopt a resolution approving the FY 2024-25 COLA increase of 2.4% to assessment charges of Zone 2C Administration and Operations and Maintenance of Nacimiento and San Antonio Dams.
SUMMARY/DISCUSSION:
Monterey County Water Resources Agency (MCWRA) Ordinance No. 4203 (Ordinance) governs Zone 2C assessments which the electorate of the Agency's Zone 2C approved for the Salinas Valley Water Project (SVWP) to fund certain operations and maintenance at Nacimiento Dam and San Antonio Dam. The Ordinance stipulates the SVWP assessments be subjective to COLA increases based on the February Consumer Price Index (CPI) of the San Francisco, Oakland and San Jose urban area.
The Ordinance states that the target of ending/beginning fund balances for SVWP operation and maintenance expenses be approximately 50% of the total estimated SVWP operation and maintenance expenses for the succeeding fiscal year, and if the ending fund balance for SVWP operation and maintenance expenses for the previous fiscal year is less than or equal to 50% of the total estimated SVWP operation and maintenance expenses for the succeeding fiscal year, then the Board shall increase the Oper...
Click here for full text