Share to Facebook Share to Twitter Bookmark and Share
File #: 2021-0187    Version: 1
Type: Ordinance Status: Passed
File created: 5/4/2021 In control: Budget and Fiscal Management Committee
On agenda: Final action: 6/1/2021
Enactment date: 6/17/2021 Enactment #: 19294
Title: AN ORDINANCE relating to rates and charges for sewage treatment and disposal; and amending Ordinance 12353, Section 2, as amended, and K.C.C. 4A.670.100, Ordinance 18745, Section 2, and Ordinance 11398, Section 1, as amended, and K.C.C. 28.84.055.
Sponsors: Jeanne Kohl-Welles
Indexes: Disposal, Sewage
Code sections: 28.84.055 - , 4A.670.100 - .
Attachments: 1. Ordinance 19294, 2. A. Wastewater Treatment Division Financial Plan, 3. 2021-0187 Sewer Rate - Transmittal Letter, 4. 2021-0187 Copy of Fiscal Note - 4% annualized, 5. 2021-0187 Revised Final Technical Memo, 6. 2021-0187 Approved_2022 MWPAAC Rate Recommendation Ltr to Council_042821, 7. 2021-0187 Wastewater Treatment Division 2022 Sewer Rate Proposal and 10-Year Sewer Rate Plan (2022-2031), 8. 2021-0187 Legislative Review Form (2), 9. 2021-0187 2021-0190_SR_Sewer Rate-Capacity Charge--Supplemental Budget Ordinance
Staff: Reed, Mike
Drafter
Clerk 04/29/2021
title
AN ORDINANCE relating to rates and charges for sewage treatment and disposal; and amending Ordinance 12353, Section 2, as amended, and K.C.C. 4A.670.100, Ordinance 18745, Section 2, and Ordinance 11398, Section 1, as amended, and K.C.C. 28.84.055.
body
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Ordinance 12353, Section 2, as amended, and K.C.C. 4A.670.100 are hereby amended to read as follows:
A. Having determined the monetary requirements for the disposal of sewage, the council hereby adopts a ((2021)) 2022 sewer rate of ((forty-seven)) forty-nine dollars and ((thirty-seven)) twenty-seven cents per residential customer equivalent per month. Once a sewer rate ordinance becomes effective, the clerk of the council is directed to deliver a copy of that ordinance to each agency having an agreement for sewage disposal with King County.
B. The King County council approves the application of Statement No. 62 of the Governmental Accounting Standards Board (GASB-62) as it pertains to regulatory assets and liabilities to treat pollution remediation obligations and RainWise Program expenditures and strategic planning costs as regulatory assets, recovered ratably over the life of the underlying financing, and to establish a rate stabilization reserve for the purpose of leveling rates between years.
C. As required for GASB-62 application, amounts are to be placed in the rate stabilization reserve from operating revenues and removed from the calculation of debt service coverage. The reserve balance shall be an amount at least sufficient to maintain a level sewer rate between 2021 and 2022, and shall be used solely for the purposes of: maintaining the level sewer rate in ((2021)) 2022; and if additional reserve balance is available, moderating future rate increases beyond ((2021)) 2022. The estimated amount of the reserve, as shown in the financial forecast, Attachment A to ((Ordinance 19106)) this ordinance, shall be...

Click here for full text