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UCR Forecast Economic Benefit Analysis • Page 2 <br />6. Sustainability and green initiatives <br />7. Benefits or costs of public sector wages /benefits <br />8. Local controls and service <br />9. Alignment /coordination of utility supply and pricing with local economic development <br />purposes <br />This is the first such study to determine economic benefit that RPU has undertaken. <br />DISCUSSION: <br />In January, 2017, UCR completed the economic benefit analysis. UCR applied an econometric <br />model to evaluate the multiplier or " "ripple" effect of RPU's expenditures on the local economy <br />and benefits of local rates, rebate programs and service reliability. <br />In aggregate, UCR concludes an annual economic benefit of over $479 million from RPU's rates <br />and activities. As identified in the summary table below, this equates to twelve jobs and <br />$1,700,000 of output value per million dollars of expenditure. <br />• <br />iota' tconomic impact Summary <br />Impact Type <br />Employment <br />Labor Income <br />($ Millions) <br />Output <br />($ Millions) <br />Direct Impact <br />Indirect Impact <br />Induced Impact <br />2,081 <br />790 <br />663 <br />96.0 <br />33.5 <br />26.3 <br />289.0 <br />107.6 <br />83.1 <br />Total <br />3,533 <br />155.7 <br />479.7 <br />Per $1 Million <br />12 <br />0.5 <br />1.7 <br />Robert A. Kleinhenz, PhD., Economist /Director of Research, UCR Business Forecast will present <br />findings of the study to the City Council. <br />FISCAL IMPACT: <br />There is no fiscal impact associated with review of the Economic and Social Impact Analysis <br />Report and presentation. <br />Prepared by: Girish Balachandran, Utilities General Manager <br />Certified as to <br />availability of funds: Scott G. Miller PhD, Chief Financial Officer /City Treasurer <br />Approved by: John A. Russo, City Manager <br />Approved as to form: Gary G. Geuss, City Attorney <br />Attachments: <br />1. Riverside Public Utilities Economic and Social Impact Analysis Report <br />2. Board Minutes <br />3. Presentation <br />