Emma Mulvaney-Stanak, Mayor
City of Burlington
City of Burlington
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The City issues general obligation bonds to provide resources for the acquisition and construction of major capital facilities and to refund prior bond issues. General obligation bonds have been issued for both governmental and proprietary activities. Bonds are reported in governmental activities if the debt is expected to be repaid from governmental fund revenues and in business-type activities if the debt is expected to be repaid from proprietary fund revenues.
The City accounts for the financial operations of the Airport using an enterprise fund approach. On an annual basis, the Airport has historically generated Revenues sufficient to pay its Operating Expenses, to meet its Bond Debt Service and to fund a portion of its capital expenses. In fiscal years 2017 through 2021 the Airport satisfied its Rate Covenant under the Resolution. The Rate Covenant requires the Airport to generate annual Revenues, net of Operating Expenses, of no less than 1.25 times Debt Service, and sufficient to meet all funding requirements for the Funds and Accounts under the Resolution. The City has paid all Bond Debt Service and capital lease obligations timely and in full when due.
The Airport derives its Revenues from a variety of sources, including terminal revenues, parking, landing fees, car rentals, concessions and rentals of buildings and grounds. It has also applied for and been granted permission by the FAA to charge and collect PFCs for qualified capital expenditures and certain debt service. The following table shows each of these revenue items from fiscal years 2017 through 2021 and for the six-month periods ending in December of fiscal years 2021 and 2022.
The Burlington Electric Department (the “Department” or “BED”) is a municipally-owned electric system that was created in 1905 to serve the municipality in response to an effort by the City officials to reduce electric power costs for residences and street lighting. As of June 30, 2021 the Department served an average of 21,473 customers per year. The Department’s offices are located at 585 Pine Street, Burlington, Vermont 05401-4891.
On July 1, 1985, the City Council approved creation of a Public Works Department (the "Department") containing a water division (the "Water Division"), which assumed the former responsibilities of the City's Water Resources Department in January, 1988. Since that time, the Department has had responsibility for the City's water treatment and distribution functions (the "System" or the “Water System”), subject to the orders and ordinances of the City Council.
The Public Works Department is governed by a commission entitled the Board of Public Works Commissioners (the "Commission"), which consists of seven members appointed by the City Council with Mayor presiding. Commissioners serve three-year staggered terms. Commissioners must maintain residence within the City during their terms. A Chair is elected annually. The Commission is responsible for appointing a Director of Public Works who functions as the Chief Executive Officer of the Department.
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