04-11-2022 BPU RPT 10 - Laserfiche WebLink

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W A T E R E N E R G Y I T F F r� E JtV RIVERSIDE PUBLIC UTILITIES .kl& P U B L I C U T I L I l I L S Board Memorandum BOARD OF PUBLIC UTILITIES DATE: APRIL 11, 2022 SUBJECT: RIVERSIDE PUBLIC UTILITIES PROPOSED BUDGET FOR FISCAL YEARS 2022/23 AND 2023/24 ISSUE: Consider reviewing and recommending that the City Council approve the Riverside Public Utilities Department proposed budget for Fiscal Years 2022/23 and 2023/24. RECOMMENDATIONS: That the Board of Public Utilities recommend that City Council: Approve the Electric Funds (including Public Benefits Fund) proposed FY 2022/23 budget totaling $419.8 million in revenues, $445.9 million in operating expenditures, and $40.8 million in capital improvements, and proposed FY 2023/24 budget totaling $433.3 million in revenues, $441.5 million in operating expenditures, and $56.7 million in capital improvements. The difference between revenues and expenditures including capital improvements will be covered by bond proceeds and reserves; 2. Authorize the use of the Designated Electric Fund Capital Repair/Replacement Reserve for technology replacements in the amount of $200,000 per year for Fiscal Year 2022/23 and FY 2023/24; 3. Authorize the use of the Designated Electric Fund Capital Repair/Replacement Reserve for vehicle replacement in the amount of $1,500,000 for Fiscal Year 2022/23; 4. Authorize the use of the Designated Electric Fund Dark Fiber Reserve for dark fiber leasing operating expenses in the amount of $600,000 per year for Fiscal Year 2022/23 and FY 2023/24; and 5. Approve the Water Funds (including Water Conservation Fund) proposed for Fiscal Year 2022/23 budget totaling $91 million in revenues, $86.7 million in operating expenditures, and $29.1 million in capital improvements, and proposed FY 2023/24 budget totaling $93 million in revenues, $87.5 million in operating expenditures, and $29.9 million in capital improvements. The difference between revenues and expenditures including capital improvements will be covered by bond proceeds and reserves.