12-13-2021 BPU RPT 18 - Laserfiche WebLink

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RIVERSIDE PUBLIC UTILITIES Board Memorandum BOARD OF PUBLIC UTILITIES DATE: DECEMBER 13, 2021 SUBJECT: ELECTRIC AND WATER UTILITY RATE PLAN UPDATE FOR THE RESULTS OF FISCAL YEAR 2020-21 ISSUE: Consider receiving the annual electric and water utility rate plan update for the results of Fiscal Year 2020-21. RECOMMENDATION: That the Board of Public Utilities receive the annual electric and water utility rate plan update for the results of Fiscal Year 2020-21. BACKGROUND: The Riverside Public Utilities Department (RPU) is responsible for the operations of the City- owned water and electric utilities. It provides high quality and reliable services to over 111,000 metered electric customers and approximately 66,000 metered water customers throughout the City of Riverside. The electric and water utility funds are self-supporting enterprise funds that provide services for a fee. The Board has the authority to adopt and the City Council has the authority to approve rate changes when necessary to ensure the continued recovery of costs for services and to secure reinvestment into the system infrastructure for long-term sustainability. On May 14, 2018, the Board of Public Utilities (Board) conducted a public hearing to receive public input related to the water and electric utility five-year rate proposal. With all members present, the Board unanimously recommended that the City Council approve the 2018-2023 Electric and Water Rules and Rates. On May 22, 2018, the City Council approved the proposed utility rates with water rate increases effective July 1, 2018 and electric rate increases effective January 1, 2019. Additionally, the City Council directed staff to provide an annual review of the adopted rates. The Board and City Council received the first annual electric and water utility rate plan update for Fiscal Year (FY) 2018-19 on January 13, 2020 and February 11, 2020. The Board and City Council received the second annual electric and water utility rate plan update for FY 2018-19 on December 22, 2020 and January 5, 2021. On April 19, 2021 and June 15, 2021, the Board and City Council respectively approved to delay the third year of the electric rate plan from January 1, 2021 to July 21, 2021.