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� � <br /> � <br /> As soon as the market hits either end of that range City Staff will authorize the contractor to lock <br /> in the price. <br /> b. Spot Rate. The City will contract the remaining fuel requirements each month at the spot <br /> rate. The cost of fuel at the spot rate is= (Current Fuel Index Rack Price+ $0.166) x Number of <br /> Gallons delivered. <br /> 6. Funding. The City's budget for fuel for 2015 is $177,100. The table below illustrates the <br /> cost to the City at the current average rates being offered for fixed price fuel. The remaining fuel <br /> will be purchased at the rate at the time of purchase. <br /> Fuel Type Cost—Pre T� Monthly fixed price Total fixed price <br /> ($/Gallon) Quantity Cost for Year <br /> (Gallons <br /> Gasoline (87 $2.22 2700 $71,928 <br /> Octane) <br /> Diesel (Dyed B 10) $2.66 500 $15,960 <br /> TOTAL $87,888 <br /> 7. Recommendation. It is my recommendation that the City Council authorize the City Staff to <br /> enter into a fixed price contract for the following. <br /> Fuel Type Low Cost—Pre T� Maac Cost—Pre Tax Monthly Quantity <br /> ($/Gallon) ($/Gallon) (Gallons) <br /> Gasoline 87 Octane) $2.10 $2.30 2700 <br /> Diesel (B 10- $2.40 $2.55 500 <br /> Summer) <br /> Diesel (B 10)Winter $2.50 $2.70 500 <br /> COUNCIL ACTION REQUESTED: <br /> Consider a motion to authorize the Director of Public works to enter into a contract on behalf of <br /> the City at the prices and quantities listed in paragraph eight above. <br /> 2 <br />