FULL PACKET_2012-02-21 - Laserfiche WebLink

Home Browse Search

Authority cost for operational services for that fiscal year compared to the capped Service Charge for each cash contract City for that year. The difference between these amounts shall be referred to as the "Five -Year Shortfall." The data will be reviewed and analyzed jointly by the City Managers' Technical Advisory Committee and City Managers' Budget & Finance Committee to confirm the amount of the Five -Year Shortfall, if any, and to determine whether that amount has exceeded the percentage thresholds set forth below which would in turn trigger an adjustment of the Service Charge. If, after reviewing the data which has been compiled, the joint Committees and the Authority cannot agree on the calculations or the data used to calculate the amount of the Five -Year Shortfall, the Authority reserves the right to retain an independent auditor to review the calculations and data. The independent auditor's results as to the calculated amount of the Five -Year Shortfall shall be final and binding. Modifications to the Service Charge, if any, shall be as follows. If the Five- Year Shortfall is less than seven and one half percent (7.5 %) of the actual annual Authority costs, for a cash contract City, no additional amounts shall be owed by the City. If any Five -Year Shortfall exceeds seven and one half percent (7.5 %), a cash contract City shall pay for the portion of the shortfall necessary to reduce the shortfall below seven and one half percent (7.5 %). If the Five -Year Shortfall is between seven and one half percent (7.5 %) and fifteen percent (15 %), the amount shall be paid in its entirety in the following fiscal year. If the Five -Year Shortfall is more than fifteen percent (15 %), that amount shall be paid through equal amortized installments over the subsequent five year period. Payment of the Five -Year Shortfall in excess of seven and 5 554584.1 L• , J •