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THE CITY OF 2 <br /> -• °°°° "`` CITY COUNCIL AGENDA REPORT <br /> pLEASANTON <br /> February 4, 2020 <br /> City Manager <br /> TITLE: APPROVE THE PLEASANTON GARBAGE SERVICE RATE RESERVE <br /> CALCULATION OF $5,342,285 DUE TO THE CITY <br /> SUMMARY <br /> The previous Refuse Collection Agreement between the City of Pleasanton and <br /> Pleasanton Garbage Service (PGS) allowed PGS to accumulate a franchise rate <br /> reserve and certain franchise rate deficits. Under the new agreement with PGS this was <br /> eliminated and a Rate Reserve Agreement was executed that establishes the process <br /> for the distribution of the franchise rate reserve (Attachment 1). <br /> The Rate Reserve Agreement requires that the City Council approve the Rate Reserve <br /> Calculation. <br /> RECOMMENDATIONS <br /> It is recommended that the City Council approve the PGS Rate Reserve Calculation of <br /> $5,342,285 due to the City of Pleasanton. <br /> FINANCIAL STATEMENT <br /> If the City Council approves the $5,342,285 PGS Rate Reserve Calculation, $2 million <br /> will be deposited into the City's General Fund and $3,342,285 will be set aside in a <br /> special revenue fund to be allocated at a later date. <br />