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1 RESOLUTION NO. 2004-01 2 A RESOLUTION OF THE BOARD OF PUBLIC UTILITIES OF THE CITY OF RIVERSIDE, CALIFORNIA, ESTABLISHING INCREASES IN THE WATER RATES 3 OF THE CITY'S WATER UTILITY FOR THREE YEARS EFFECTIVE JUNE 1, 2004, 2005 AND 2006; ESTABLISHING NEW WATER RATE SCHEDULE WA -10 4 EFFECTIVE JUNE 1, 2004 WITH RATE INCREASES TO WA -10 EFFECTIVE JUNE 1, 2005, 2006 AND 2007; REVISING CERTAIN WATER RATE SCHEDULE 5 PROVISIONS EFFECTIVE JUNE 1, 2004; MAKING RELATED FINDINGS OF FACT; RECOMMENDING CITY COUNCIL APPROVAL THEREOF; AND 6 RECOMMENDING ESTABLISHMENT OF THE GENERAL FUND TRANSFER AT 10.5% OF WATER UTILITY GROSS OPERATING REVENUES COMMENCING 7 WITH THE GENERAL FUND TRANSFER PAYMENTS MADE IN FISCAL YEAR 2006 AND THEREAFTER. 8 9 WHEREAS, the City of Riverside ("City") by and through its Public Utilities Department 10 ("Department") is obligated to (1) serve its water customers safe, reliable and equitably priced 11 water, (2) operate its Water Utility in an efficient and economical manner, and (3) operate, 12 maintain and preserve its Water Utility in good repair and working order; and 13 WHEREAS the Department is responsible for operating the Water Utility in such a manner 14 that revenues from the sale of water shall at least equal the costs of operation, including all 15 maintenance and operating, administrative and general, debt service, capital improvements, tax - 16 related payments and other costs incurred in complying with prudent utility business practices; and 17 WHEREAS the Water Utility needs additional funding for an enhanced program to replace 18 the Water Utility's leaking and aging 800 mile water distribution system to prevent pipeline 19 breakages and to improve fire flows throughout the City; and 20 WHEREAS the Water Utility has experienced unusual increases in operating and capital 21 costs due to southern California's prolonged drought including higher energy usage to pump 22 groundwater from deeper levels in City's wells, and higher purchased water costs caused by 23 decreased Bunker Hill Basin groundwater allocations, and due to higher employee pension costs; 24 and 25 WHEREAS deferral of capital projects over several decades to minimize Water Utility rate 26 increases has resulted in a number of critical projects requiring immediate work, including the 27 Evans Reservoir seismic retrofit, and the Riverside Canal repairs; and City Attorney's Office 3900 Main Street Riverside, CA 92522 (909)826-5567