Title
Fiscal Year 2021 Year-End Performance Report for the City of Gainesville Fuel Hedging Program (B)
City Commission to review the Fiscal Year 2021 Year-End 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
Goal 5: "Best in Class" Neighbor Services
Fiscal Note
As of September 30th, 2021, there was an unrealized gain (contingent future negative fuel cost) of $808,796 that corresponds to the time period October 2021 through August 2022. This is an unrealized gain of about $0.48 per gallon on average for the time period for diesel and gasoline combined. Additional information is shown in Attachment A.
Recommendation
The Audit & Finance Committee recommends the City Commission 1.) review the submitted Fuel Hedging Program performance report; 2) approve the submitted Fuel Hedging Program performance report.