Title
Resolution Adopting the FY 2025 & FY 2026 Biennial Budget
Body
Agenda of: February 28, 2024
Item No.: 2024-043
Amount: N/A
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Suzanne R. Coffey P.E.
Chief Executive Officer
Great Lakes Water Authority
DATE: February 28, 2024
RE: Resolution Adopting the FY 2025 & FY 2026 Biennial Budget
MOTION
Upon recommendation of Nicolette Bateson, Chief Financial Officer/Treasurer, the Board of Directors (Board) of the Great Lakes Water Authority (GLWA):
1) Concludes the Public Hearing related to the FY 2025 and FY 2026 Biennial Budget held on February 28, 2024;
2) Pending public comment, adopts the attached resolution, 2024-043, adopting the FY 2025 and FY 2026 Biennial Budget for the GLWA;
3) Notes that the GLWA By-Laws Article X, Section 5, requires a super-majority affirmative vote of at least five (5) members of the Board is necessary for the approval of the operating budget; and
4) Authorizes the Chief Executive Officer to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
The Great Lakes Water Authority ("GLWA" or the "Authority") assumed the operation of the Regional Water and Sewer systems on January 1, 2016 (the "Effective Date") pursuant to the Lease Agreements between the GLWA and the City of Detroit dated June 12, 2015. Section 5.6 of the Lease Agreements require the Authority to adopt a two-year budget for the Regional Water and Sewer Systems that sets forth budgeted revenues and expenses for each such Fiscal Year.
JUSTIFICATION
The Board has received a proposed Budget for FY 2025 and FY 2026 which was reviewed at Audit Committee meetings on December 15, 2023 and February 9, 2024; Board meetings of January 24, 2024 and February 28, 2024; and Member Partner meetings on January 11, 2024 (Charges Rollout #3) and January 18, 2024 (Charges Rollout #4).
A Notice of Public Hearing was published in the...
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