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12-22-20 BPU RPT 15
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12-22-2020 BPU AGENDA
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<br />RIVERSIDE PUBLIC UTILITIES <br /> Board Memorandum <br /> <br />▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ <br />BOARD OF PUBLIC UTILITIES DATE: DECEMBER 22, 2020 <br /> <br /> ITEM NO: 15 <br /> <br />SUBJECT: ELECTRIC AND WATER UTILITY RATE PLAN UPDATE FOR THE RESULTS OF <br />FISCAL YEAR 2019-20 AND POTENTIAL DELAY OF THE IMPLEMENTATION <br />OF THE THIRD YEAR OF THE ELECTRIC RATE PLAN <br /> <br /> <br />ISSUES: <br /> <br />Receive the annual electric and water utility rate plan update for the results of Fiscal Year 2019- <br />20 and consider delaying the implementation of the third year of the electric rate plan. <br /> <br /> <br />RECOMMENDATION: <br /> <br />That the Board of Public Utilities: <br />1. Receive the annual electric and water utility rate plan update for the results of Fiscal Year <br />2019-20; and <br /> <br />2. Consider forwarding a recommendation to the City Council to direct the City Manager to <br />delay the implementation of the third year of the electric rate plan until March 31, 2021. <br /> <br />BACKGROUND: <br /> <br />On May 14, 2018, the Board of Public Utilities (Board) conducted a public hearing to receive public <br />input related to the water and electric utility five -year rate proposal. W ith all members present, <br />the Board unanimously recommended that the City Council approve the 2018-2023 Electric and <br />Water Rules and Rates. <br /> <br />On May 22, 2018, the City Council approved the proposed utility rates with water rate increases <br />effective July 1, 2018 and electric rate increases effective January 1, 2019. Additionally, the City <br />Council directed staff to provide an annual review of the adopted rates. <br /> <br />The Board and City Council received the first annual electric and water utility rate plan update for <br />Fiscal Year (FY) 2018-19 on January 13, 2020 and February 11, 2020. The annual rate plan <br />update outlined information about the operating performance, financial condition, and capital <br />improvement projects of RPU for the FY 2018-19. <br /> <br />The Riverside Public Utilities Department (RPU) is responsible for the management of the C ity- <br />owned water and electric utilities. It provides high quality and reliable services to over 11 1,000 <br />metered electric customers and approximately 66,000 metered water customers throughout the <br />City of Riverside. The electric and water utility funds are self-supporting enterprise funds that
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