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1' 2 3. 4 5 6 7 8 9 10 11 12 13 C WHEREAS the Department's staff and management have (1) performed a cost of service study which indicates that the revenue of the Electric Utility should be increased by approximately $3,640,000 on an annual basis in order to equal the increased costs of operation resulting from the action of the City Council increasing the General Fund Transfer amount under Section 1204(f) of the City Charter to 11.5%, (2) recommended an overall increase of approximately 2.4!5 in the electric rates to provide the additional revenue needed, and (3) prepared and recommended a design which provides for full cost of service recovery on a fair and equitable basis for all rate classes; and WHEREAS a public hearing, notice of which was 14 published in The Press -Enterprise on June 8 and June 20, 15. 1993, was commenced by the Board on the proposed rate 16 increases on June 23, 1993 to receive and consider the study 17 and design and to receive and consider oral and written i, 1811 comments thereon from the -1.14 d ft 19 20 21 22 23 24 25 26 27 p , an a er receipt and consideration thereof the Board continued the hearing to its regularly scheduled meeting on July 2, 1993 for final public comments and review and then concluded it; and WHEREAS the Board concurs with the Department's study and design and concludes that the recommended increased rates set forth in Exhibit A attached hereto and incorporated i herein by reference should be established; City Attorney's Office 3900 Main Street Riverside, CA 92522 (909) 782-5567 NOW, THEREFORE, BE IT RESOLVED by the Board of Public Utilities of the City of Riverside, California, as -2- P:\WPDATA\AES\93134702.RS 101