04-17-15 BPU RPT 12 - Laserfiche WebLink

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A 1 R EN E R G Y L FE RIVERSIDE PUBLIC UTILITIES PUBLIC U T I L I T Y Board Memorandum BOARD OF PUBLIC UTILITIES DATE: APRIL 17, 2015 ITEM NO: 12 SUBJECT: RIVERSIDE PUBLIC UTILITIES PROPOSED FY 2015-16 ANNUAL BUDGET ISSUE: The item for Board of Public Utilities consideration is to recommend approval of the Riverside Public Utilities proposed FY 2015-16 Annual Budget to the City Council. RECOMMENDATIONS: That the Board of Public Utilities recommend that City Council: 1. Approve the Electric Funds (including Public Benefits Fund) proposed FY 2015-16 Annual Budget totaling $371.3 million in revenues, $378.6 million in operating expenditures and $30.6 million in capital outlay; and 2. Approve the Water Funds (including Water Conservation Fund) proposed FY 2015-16 Annual Budget totaling$69.2 million in revenues, $70.1 million in operating expenditures and $16.1 million in capital outlay. BACKGROUND: City of Riverside Public Utilities Department(RPU)has prepared the Annual Budget for Fiscal Year 2015-16 consistent with the City and Board of Public Utilities objectives. The Annual Budget consists of revenue, operating and capital budgets. The proposed revenue budget is reflected in the attached Preliminary Revenue Budget Summaries and Details. The proposed operating and capital budgets are reflected in the attached Preliminary Department Fund Summaries and Line Item Budget schedules. These budgets are preliminary as certain line items are estimates and will be finalized when the City completes its budget process. RPU has also prepared a Five-Year Capital Improvement Program (CIP)for Fiscal Years 2015-16 to 2019- 20. Fiscal Year 2015-16 projects listed in the CIP are incorporated into Fiscal Year 2015-16 Annual Budget. Subsequent years are for planning purposes. A comprehensive budget presentation will be provided at the April 17, 2015 Board of Public Utilities meeting. FISCAL IMPACT: The Electric Funds (including Public Benefits Fund) proposed FY 2015-16 Annual Budget totals $371.3 million in revenues, $378.6 million in operating expenditures and $30.6 million in capital outlay. The Water Funds (including Water Conservation Fund) proposed FY 2015-16 Annual Budget totals $69.2 million in revenues, $70.1 million in operating expenditures and $16.1 million in capital outlay.