City of Gainesville - File #: 200944.

• File #: 200944.
• Version: 1
• Type: Staff Recommendation
• Status: Agenda Ready
• File created: 3/12/2021
• In control: Audit and Finance Committee
• On agenda: 3/22/2021
• Final action: 3/22/2021
• Title: FY 2021 First Quarter Performance Report for the City of Gainesville Fuel Hedging Program (B) Audit & Finance Committee to review the Fiscal Year 2021 First Quarter Fuel Hedging Program Performance Report.

Date	Ver.	Action By	Action	Result
3/22/2021	1	Audit and Finance Committee	Approved as Recommended

Title

FY 2021 First Quarter Performance Report for the City of Gainesville Fuel Hedging Program (B)

Audit & Finance Committee to review the Fiscal Year 2021 First Quarter Fuel Hedging Program Performance Report.

Explanation

The City of Gainesville’s Fuel Hedging Policy, effective April 27, 2020, Section 5 “Execution, Monitoring and Reporting” requires quarterly reports that provide an analysis of the status of the program’s performance over the last quarter for the City.

Strategic Connection

This item is connected to Goal 5 “Best in Class” Neighbor Services.

Fiscal Note

As of December 31^st, 2020, there was an unrealized gain (contingent future negative fuel cost) of $208,992 that corresponds to the time period January 2021 through February 2022. This is an unrealized gain of about $0.10 per gallon on average for the time period for diesel and gasoline combined. Additional information is provided in the attached memorandum and shown in Attachment A.

Recommendation

Recommended Motion:  The Audit & Finance Committee: 1) review the submitted investment performance reports; 2) approve the submitted investment reports for submission to the City Commission.