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I o 1 WHEREAS the Department's staff and management have 21 (1) performed a cost of service study which indicates that 3 the revenue of the Electric Utility should be increased by 4 approximately $3,640,000 on an annual basis in order to equal t 5' the increased costs of operation resulting from the action of 6 the City Council increasing the General Fund Transfer amount 7t under Section 1204(f) of the City Charter to 11.5%, (2) 8recommended an overall increase of approximately 2.41s in the 9 electric rates to provide the additional revenue needed, and 10 (3) prepared and recommended a design which provides for full 11 cost of service recovery on a fair and equitable basis for 12 all rate classes; and 13 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 18 comments thereon from the public, and after receipt and 19 consideration thereof the Board continued the hearing to its 20 regularly scheduled meeting on July 2, 1993 for final public 21 comments and review and then concluded it; and 22 WHEREAS the Board concurs with the Department's 23 study and design and concludes that the recommended increased 24 rates set forth in Exhibit A attached hereto and incorporated 25 herein by refe3rence should be established; 26 NOW, THEREFORE, BE IT RESOLVED by the Board of 27 Public Utilities of the City of Riverside, California, as City Attorney's Office 3900 Main Street Riverside, CA 92522 (909) 792-5567 -2- F-`..WP0ATA'-.RE5'-.93134702 7-15