SEATTLE CITY COUNCIL - Record No: CB 119898

• Record No: CB 119898
• Version: 1
• Council Bill No: CB 119898
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 10/5/2020
• Ordinance No: Ord 126194
• Title: AN ORDINANCE relating to the City Light Department; amending subsection 21.49.086.D of the Seattle Municipal Code to define the Net Wholesale Revenue target used in Rate Stabilization Account operations for 2021-2024.
• Sponsors: Alex Pedersen
• Supporting documents: 1. Summary and Fiscal Note, 2. Presentation, 3. Signed Ordinance 126194, 4. Affidavit of Publication

Date	Ver.	Action By	Action	Result
10/8/2020	1	City Clerk	attested by City Clerk
10/8/2020	1	Mayor	returned
10/8/2020	1	City Clerk	submitted for Mayor's signature
10/8/2020	1	Mayor	Signed
10/5/2020	1	City Council	passed	Pass
9/25/2020	1	Transportation and Utilities Committee	pass	Pass
9/21/2020	1	City Council	referred
9/16/2020	1	Council President's Office	sent for review
9/15/2020	1	City Clerk	sent for review
9/15/2020	1	Mayor	Mayor's leg transmitted to Council

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 define the Net Wholesale Revenue target used in Rate Stabilization Account operations for 2021-2024.
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 ratepayers 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 established a funding mechanism for the RSA and rules for its operation; and
WHEREAS, the City Light 2019-2024 Strategic Plan, adopted by Resolution 31819, identified targets for Net Wholesale Revenue of $50 million in 2021 and $40 million in 2022 through 2024; and
WHEREAS, the outlook for 2021 Net Wholesale Revenue assumes a higher volume of surplus electricity sales resulting from an anticipated reduction in 2021 retail consumption due to the COVID-19 pandemic and associated economic downturn; and
WHEREAS, Net Wholesale Revenue values of $60 million in 2021 and $40 million in 2022 are consistent with assumptions used to develop City Light's Proposed Budget for 2021-2022; and
WHEREAS, it is expected that in 2021, the City Council may reconsider spending plans, the targets for Net Wholesale Revenue, and the retail electricity rates to support them for future years as part of an update of City Light's Strategic Plan; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Subsection 21.49.086.D of the Seattle Municipal Code, last amended by Ordinance 125710, is amended as follows:
21.49.086 Rate Stabilization Account
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D. Baseline for the Net Wholesale Revenue forecast: The Net Wholesale Revenue forecast shall be (($55 million for 2019 and $50 million for 2020)) $60 million in 2021 and $40 milli...