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69 <br />2021 Amended and Restated WSA 17162043.1 <br />C.The SFPUC will expend revenues appropriated and transferred to the Wholesale <br />Capital Fund only on New Regional Assets. The annual capital appropriation included in each <br />fiscal year’s budget will be provided to BAWSCA in accordance with Section 6.02 and will take <br />into account the current and projected balance in the Wholesale Capital Fund, as well as current <br />and projected unexpended and unencumbered surplus, as shown on attachment M-1, which will <br />be prepared by the SFPUC each year. <br />D.Commencing on November 30, 2010 and thereafter in each fiscal year during the <br />Term, the SFPUC will also provide an annual report to BAWSCA on the status of individual <br />revenue-funded New Regional Assets, substantially in the form of Attachment M-2. <br />E.In order to prevent the accumulation of an excessive unexpended and <br />unencumbered balance in the Wholesale Capital Fund, the status of the fund balance will be <br />reviewed through the annual Compliance Audit, commencing in FY 2018-19. The FY 2018-19 <br />Compliance Audit and the Wholesale Customer/BAWSCA review under Section 7.06 shall <br />include Wholesale Capital Fund appropriations, expenditures and interest earnings for FY 2014- <br />15 through 2017-18 for the purpose of determining whether a Balancing Account transfer is <br />required. If the June 30 unencumbered balance of the Wholesale Capital Fund exceeds the <br />lesser of the following: (i) the Target Balance; (ii) the unencumbered remaining cumulative <br />appropriations, the amount of such excess shall be transferred to the credit of the Wholesale <br />Customers to the Balancing Account described in Section 6.05. <br />In order to avoid funding delays for New Regional Asset capital projects resulting from <br />prior year transfers of excess Wholesale Capital fund balances to the Wholesale Customers, if <br />the June 30 unencumbered balance of the Wholesale Capital Fund is below the lesser of the <br />following: (i) the Target Balance; (ii) the unencumbered remaining cumulative appropriation, <br />such deficiency shall be posted to the Balancing Account described in Section 6.05 as a charge <br />to the Wholesale Customers. Notwithstanding the foregoing, no such charge to the Wholesale <br />Customers shall exceed $4 million annually. <br />Amended Attachment M-3 illustrates the process for determining the Wholesale Capital <br />Fund balance as of June 30, 2019. <br />F.Three years prior to the end of the Term, the SFPUC and BAWSCA will discuss <br />the disposition of the Wholesale Capital Fund balance at the end of the Term. Absent