Department of Water and Power Board Approves $181 Million Transfer to City Reserve
The Los Angeles Board of Water and Power Commissioners on November 20 approved a transfer of $181,400,000 to the city's General Fund during the 2000-2001 fiscal year.
DWP's annual transfer to the city of Los Angeles equals 5 percent of the utility's gross revenues for water and electric services. This year's transfer is a nearly 25 percent increase over last year's transfer of $145.3 million, and meets the city's projection for this budget year.
"We are fortunate that in the midst of the city's economic downturn, the Department of Water and Power is able to make its contribution to the city," said Mayor James K. Hahn. "These funds will go a long way to help the city continue to provide vital services such as fire and police protection, libraries and recreational facilities."
"This transfer demonstrates one of the benefits of public power," said DWP Board President Kenneth T. Lombard. "We are proud that in addition to meeting the water and electricity needs of the city, DWP pays dividends to the residents of Los Angeles in the form of support for necessary city and community services."
Pending City Council approval, DWP will transfer $154,153,000 from the Power Revenue Fund, and $27,247,000 from the Water Revenue Fund.
Under long-standing practice, DWP has traditionally contributed to the city 5 percent of its gross revenues from the previous fiscal year.
For nearly a century, the Los Angeles Department of Water and Power has provided reliable and affordable water and electricity services to the city's residents, who now total more than 3.8 million.