HomeMy WebLinkAbout12, Review OA Improv Funds, DL Ass District, and Glenshire Surcharge
WORKSHOP ITEM Other Area Improvement Fundsc)Donner Lake Assessment Districtb)Glenshire Water System Upgrade Surchargea)Review of: Other Area Improvement Fundsc)Donner Lake Assessment
Districtb)Glenshire Water System Upgrade Surchargea)Review of: 19, 2017July #12
NEW INFORMATION bills are processed in October 2017Expect to end the Glenshire Surcharge on Customer bills after customer •the loan will be paid in full in November 2017Outstanding principle
balance •completion of the final land sale of a GMWC assetOriginal surcharge was $10.75 which was reduced to $4.75 upon •Improvements were financed over 15 years•GMWC customers agreed
to pay for improvements•In 2002 District acquired Glenshire Mutual Water Co. (GMWC)•Glenshire Water System Upgrade Surcharge•ImprovementsArea Other Donner Lake Assessment, Surcharge,
GlenshireImprovementsArea Other Donner Lake Assessment, Surcharge, Glenshire
BACKGROUND / HISTORY through 2026term principle balance is $6,786,402 and is amortized -onglThe •via property tax billannualyParcel owners assessed •Revolving FundFinanced via 20 year
loan from Department of Water Resources, State •Initial estimate $13 million•Entire water system was replaced•2001 District acquired Donner Lake Water Company•Donner Lake Assessment•Donner
Lake Assessment District•Surcharge, Donner Lake Assessment, Other Area ImprovementsGlenshireSurcharge, Donner Lake Assessment, Other Area ImprovementsGlenshire
BACKGROUND / HISTORY amortized thru November 2035Outstanding principle balance is approximately $1,350,000 and is •Scheduled to end November 2036•reimburse the District for the excess
expenseDonner Lake customers pay a monthly surcharge of $6.65 to •2006 COP was used to bridge the gap (refunded in 2015)•Exceeded funds financed through assessment •Actual cost of water
system replacement was $15.6 million•Donner Lake Surcharge•Donner Lake Assessment District•Surcharge, Donner Lake Assessment, Other Area ImprovementsGlenshireSurcharge, Donner Lake
Assessment, Other Area ImprovementsGlenshire
Glenshire Funds will be used to improve water assets in SAD 2 •As of December 31, 2016 fund balance is $17,006 •1994 County transferred residual funds of $42,000 to TDPUD•Gateway and
Meadow Park area•1969 Nevada County issued bonds for utility improvements•Sewer Assessment District 2 (SAD 2)•Other Area Improvement Funds•BACKGROUND / HISTORY Surcharge, Donner Lake
Assessment, Other Area ImprovementsGlenshireSurcharge, Donner Lake Assessment, Other Area Improvements
BACKGROUND / HISTORY Funds will be utilized to improve water assets in WRSAD•Fund balance is $35,251•1994 residual balance was $18,000•Street after wells dried up1974 WRSAD formed to
provide water services along West River •West River Street Assessment District (WRSAD)•)Con’tFunds (Other Area Improvement •Surcharge, Donner Lake Assessment, Other Area ImprovementsGlenshireSurchar
ge, Donner Lake Assessment, Other Area ImprovementsGlenshire
FISCAL IMPACT There is no fiscal impact associated with this workshop•Surcharge, Donner Lake Assessment, Other Area ImprovementsGlenshireSurcharge, Donner Lake Assessment, Other Area
ImprovementsGlenshire
RECOMMENDATION provide commentsReview this report and •Surcharge, Donner Lake Assessment, Other Area ImprovementsGlenshireSurcharge, Donner Lake Assessment, Other Area ImprovementsGlenshire