Laserfiche WebLink
W it TE'R I E H E.R G Y I LIFE <br />RIVERSIDE PUBLIC UTILITIES <br />61& Board Memorandum <br />P U B L I C U 1 1 1 1 i I r ;. <br />BOARD OF PUBLIC UTILITIES DATE: MAY 8, 2023 <br />SUBJECT: PROPOSED AMENDMENT OF FISCAL YEAR 2023/24 OF THE PREVIOUSLY <br />ADOPTED FISCAL YEAR 2022-2024 BIENNIAL BUDGET <br />ISSUE: <br />Recommend that the City Council approve the proposed adjustments to Fiscal Year 2023-24 of <br />the previously adopted Fiscal Year 2022-2024 Biennial Budget, in the amount of $5,609,495. <br />RECOMMENDATIONS: <br />That the Board of Public Utilities recommend that the City Council: <br />1. Approve the Electric 510 Fund proposed Fiscal Year 2023-24 budget amendments <br />comprising of an increase in expenditures of $4,449,943; <br />2. Approve the Electric 511 Public Benefit Fund proposed Fiscal Year 2023-24 budget <br />amendments comprising of an increase in expenditures of $12,400; <br />3. Approve the Water 520 Fund proposed Fiscal Year 2023-24 budget amendments <br />comprising of an increase in expenditures of $1,146,092; and <br />4. Approve the Water Conservation 521 Fund proposed Fiscal Year 2023-24 budget <br />amendments comprising of an increase in expenditures of $1,060. <br />BACKGROUND: <br />The Riverside Public Utilities (RPU) Electric and Water Funds Fiscal Years (FY) 2022-24 biennial <br />budget was approved by the Board of Public Utilities on April 11, 2022 and was subsequently <br />adopted by City Council on June 21, 2022. <br />The purpose of this budget update is to recommend amendments to the previously adopted FY <br />2023-24 budget based on new financial data and significant events that impact the Electric and <br />Water Funds' finances. This report provides a brief overview of the recommended adjustments to <br />expenditures for both the Electric and Water Funds. These recommendations will be incorporated <br />into the City's FY 2023-24 budget update that will be presented to City Council on May 16, 2023. <br />DISCUSSION: <br />The FY 2023-24 proposed budget adjustments, provided by the City Finance department, reflect <br />a $5.6 million increases in expenditures for the Electric and Water Funds. Proposed budget <br />