Title
Amending Chapter 13-100 of The Philadelphia Code, entitled "Water Rates," and amending Chapter 13-200 of The Philadelphia Code, entitled "Sewer Rates," by providing for an independent rate-making body and processes and procedures for fixing and regulating rates and charges, all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 13-100 of The Philadelphia Code, entitled "Water Rates," is hereby amended to read as follows:
CHAPTER 13-100. WATER, SEWER AND STORM WATER RATES
ยง13-101. [Standards]. Fixing and Regulating Rates and Charges.
(1) Councilmanic Examination. At least once in every four years Council shall make or cause to be made an independent examination of the current operations and Capital Programming and Budgeting of the Water Department, and in connection therewith employ qualified consultants to advise the Council directly with respect to:
(a) The formulated policy as prescribed by the Water Department for its capital program and capital budget and sinking fund requirements.
(b) The economic soundness of operational methods, universal meter operations, bill collecting and accounts receivable procedures, inventory control and similar factors.
(2) Water Department Financial Stability Plan. The Water Department shall develop a comprehensive plan ("Financial Stability Plan") which shall forecast capital and operating costs and expenses and corresponding revenue requirements. It shall identify the strengths and challenges to the Water Department's overall financial status including the Water Fund's credit ratings, planned and actual debt service coverage, capital and operating reserves and utility service benchmarks. It shall compare the Water Department to similar agencies in peer cities in the United States. A Financial Stability Plan shall be submitted to Council every four (4) years, and updated prior to proposing revisions in rates and charge...
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