ALBUQUERQUE BERNALILLO COUNTY
WATER UTILITY AUTHORITY
BILL NO. R-19-25 |
RESOLUTION
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Establish a Reserve of Fund Balance to Provide Funds for the Future Closure and Post-Closure Care Costs for the Waste Water Treatment Plant Division Compost Facility
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WHEREAS, the Albuquerque Bernalillo County Water Utility Authority (Water Authority) through the Wastewater Treatment Plant Division operates a composting facility; and
WHEREAS, the State of New Mexico Environment Department Solid Waste Management Regulations require that the owner or operator shall establish financial assurance for adequate closure and post-closure care for the facility if the facility is to be closed; and
WHEREAS, the cost for closure and post-closure care is estimated to be based on a cost summary provided by Wastewater Treatment Plant and Finance staff; and
WHEREAS, the amount to be transferred in FY 2020 is the full amount of $1,486,000.
BE IT RESOLVED BY THE WATER AUTHORITY:
1. The Water Authority shall establish a reserve of fund balance to be used solely to fund future closure and post-closure care expenses for the Water Authority Composting Facility in the event the facility is closed.
2. Each year, the closure and post-closure care cost estimates will be reviewed and the reserved fund balance will be adjusted to reflect any increases or decreases in the original cost estimate to ensure adequate funds for closure and post-closure care costs. If an adjustment is necessary, the Wastewater Treatment Plant Division shall include, as part of its annual budget submittal, the amount of the increase or decrease to the reserved fund balance.
3. Withdrawals from the fund balance shall only be for the purpose of closure and post-closure care as defined in the Solid Waste Management Regulations of the State of New Mexico for the Water Authority Composting Facility.
4. Withdrawals from the fund balance shall only be authorized by the Water Authority Board and the Secretary of the New Mexico Environment Department upon submission of adequate proof of work performed for closure and post-closure care as defined in the Solid Waste Management Regulations of the State of New Mexico.