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Record No: CB 118801    Version: 1 Council Bill No: CB 118801
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 9/19/2016
Ordinance No: Ord 125136
Title: AN ORDINANCE relating to the City Light Department; amending subsection 21.49.086.D of the Seattle Municipal Code to create Net Wholesale Revenue targets for 2017 and 2018 consistent with those assumed in the City Light 2017-2022 Strategic Plan adopted by Resolution 31678.
Sponsors: Kshama Sawant
Supporting documents: 1. Summary and Fiscal Note, 2. SCL 2015-16 NWR and Rates Presentation, 3. Signed Ord 125136, 4. Affidavit of Publication
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the City Light Department; amending subsection 21.49.086.D of the Seattle Municipal Code to create Net Wholesale Revenue targets for 2017 and 2018 consistent with those assumed in the City Light 2017-2022 Strategic Plan adopted by Resolution 31678.
body
WHEREAS, the City established the City Light Rate Stabilization Account ("RSA") within the Light Fund in part to buffer the City Light Department and its rate payers from shortfalls in the amount of Net Wholesale Revenue actually earned relative to that specified in budgets and assumed in electricity rates; and
WHEREAS, Ordinance 123260 provided a funding mechanism for the RSA and established rules for its operation, including a formula for computing the target level of Net Wholesale Revenue for the purpose of developing budgets and retail electricity rates, and for determining deposits to, and withdrawals from, the RSA; and
WHEREAS, Ordinance 123989 changed the methodology for computing the Net Wholesale Revenue target, eliminating the formula and establishing specific dollar amount targets consistent with those assumed in the City Light Strategic Plan adopted by Resolution 31383; and
WHEREAS, the City Light 2017-2022 Strategic Plan, adopted by Resolution 31678, assumes specific targets for Net Wholesale Revenue for the years 2017 to 2022, and electricity rates consistent with those targets; and
WHEREAS, the City Council intends to adopt retail electricity rates for 2017 and 2018 that are consistent with those in the 2017-2022 Strategic Plan; and
WHEREAS, the City Council will reconsider spending plans, the targets for Net Wholesale Revenue, and the retail electricity rates to support them for subsequent years as part of the update and extension of the Strategic Plan in 2018; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Subsection 21.49.086.D of the Seattle Municipal C...

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