Meeting Date: April 17, 2024
To: Members of the Environmental Quality Commission
From: Risi Karim, Assistant to the City Administrator
Title
Annual Report of Carbon Reduction Fund (2023).
Body
Action Requested:
Commission receives the Annual Report of the Carbon Reduction Fund (2023).
Summary Report:
The Carbon Reduction Fund was started in 2021 to assist with implementation of items outlined in the Climate Action Plan related to carbon based fuel sources. The Carbon Reduction Fund allocates a certain percentage of the City Franchise Fee Program, a program in which Xcel Energy collects monthly payments from utility subscribers and provides those payments to the City, which is used to fund Capital Improvement Projects.
The City of Northfield collects quarterly payments from Xcel Energy and deposits a portion of those dollars into the Carbon Reduction Fund. The amounts of these quarterly payments are dependent on the franchise fees but are generally between $24,000 and $25,000. The total amount collected in one calendar year is not to exceed $100,000.
In 2023 the Carbon Reduction Fund received $94,459.33 in revenue from franchise fees
Budget balance and expenditures for 2023 are listed below:
2023 Beginning Budget Balance - $131,964.10
2023 Expenditures
Professional Services
$10,018.25 Sustainable Building Policy- CEE/LHB
$27,280 District Energy Study - Ever Green Energy
$20,000 City Hall Charging Station Infrastructure - Guth Electric, INC
$ 900 City Attorney Services - Flaherty & Hood
Programs & Public Services
$500 Northfield Earth Day Sponsorship
$2,281.80 Printing & Marketing Material - By All Means Graphic
(Green Book, EE Rebate Post Card, No Mow May Signage)
Transfer Out
$5,611.11 HRA rebate reimbursement - Residential Energy Efficiency
$66,591.17 Total Expense
$94,459.33 Total Revenue
$169,570.83* 2023 End Balance
*End balance includes $9,738.87 revenue earned fro...
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