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RESOLUTION NO. 77-1( <br />Page 2. <br /> <br />format acceptable to the City Manager. No future <br />rate increase shall be requested prior to the pre- <br />paration of said report and its submittal to the <br />City. <br /> <br />No capital expenditures of $10,000 or more shall <br />be undertaken prior to the review and approval of <br />said expenditure by the City ManAger. If no appro- <br />val is received within 10 working days, approval <br />will be assumed. <br /> <br />The following items shall not be attrikutable to <br />allowable expenses for rate-making purposes: <br /> <br />1. Amortization of the covenant not to com- <br /> pete and Francise Fee. <br /> <br />2-1/2 acres of land adjacent to, but not <br />used in conjunction with, the Transfer <br />Station. <br /> <br />3. Annual property taxes on the former Vine- <br /> yard Avenue disposal site. <br /> <br />4. Annual property taxes on the 2-1/2 acres <br /> mentioned in No. 2. <br /> <br />The annual return on equity shall be limited to 10% <br />as more particularly set forth in Exhibit B attached <br />hereto and incorporated herein by reference. <br /> <br />The after tax prior periods formula surplus of <br />$88,612.00, accumulated due to the franchisee's pre- <br />vious accounting methods, will be deducted from fu- <br />ture rate charges in equal amounts over the next four <br />years commencing with fiscal year 1977-78. <br /> <br />The return on land use for franchisee's operations shall <br />be limited to 10% per annum. <br /> <br />The salaries of franchisee's principals shall not exceed <br />$30,000 each per annum through March 31, 1978. Commenc- <br />ing with April 1, 1978 consideration will be given to <br />annual cost of living increases in said salaries. <br /> <br />As an incentive to franchisee to reduce costs and ex- <br />penses, franchisee shall receive 40% of any reduction <br />in actual expenses in comparison to projected expenses <br />anticipated during each fiscal year. The remaining 60% <br />of any such reduction in expenses shall be combined with <br />any rate-making deficiencies of surpluses to increase or <br />defray future rate adjustments. Franchisee shall pro- <br />vide the City Manager with a projected budget of ex- <br />penses for each fiscal year which City shall endeavor to <br />review within thirty days of submission to determine if <br />the projections are reasonable. For purposes of this <br /> <br /> <br />