FINANCIAL ADVISORY BOARD SIMPLE AGENDA ITEM
ACTION REQUESTED:
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Schedule a special meeting to discuss 2024 utility rate studies
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DEPARTMENT: Finance Department
SUBMITTED BY: Raymond Munch, Director
BACKGROUND:
The City’s electric and water utilities are currently engaged in rate studies, each with an independent professional consultant. These studies will establish electric, water and wastewater rates for 2025 through 2027.
Earlier this year, each utility sought approval from the Public Utilities Advisory Board (PUAB) on service levels to be supported by the future rates. Feedback from PUAB is being incorporated into the rate design. The Financial Advisory Board (FAB) will be asked to review the proposed rates before they are sent to the City Council for approval and incorporated into the 2025 budget.
Staff anticipates that the studies will be completed in early August. To remain on schedule, a special meeting of the FAB will be needed. Potential meeting dates include August 19 and August 26.