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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />CITY ATTORNEY'S OFFICE <br />3750 UNIVERSITY AVENUE <br />RIVERSIDE, CA 92501 <br />(951) 826-5567 <br />BOARD RESOLUTION NO. 2023-2 <br />A RESOLUTION OF THE BOARD OF PUBLIC UTILITIES OF THE CITY OF <br />RIVERSIDE, CALIFORNIA, (1) ESTABLISHING THE FY 2023/24 — 2027/28 <br />ELECTRIC RATES BY AMENDING ELECTRIC RATE SCHEDULES A, D, <br />D-TOU, EV, LS -1, LS -2, OL, PA, PW -1, S, TC AND TOU; CREATING NEW <br />ELECTRIC RATE SCHEDULE SMEVC; TO BE EFFECTIVE JANUARY 1, <br />2024 AND UPON COUNCIL APPROVAL; (2) MAKING RELATED <br />FINDINGS OF FACT; AND (3) RECOMMENDING CITY COUNCIL <br />APPROVAL THEREOF <br />WHEREAS, the City of Riverside ("City") by and through its Public Utilities Department <br />("RPU") is obligated to (1) serve its water and electric customers safe, reliable and equitably priced <br />water and electricity, (2) operate its Electric and Water Utilities in an efficient and economical <br />manner, and (3) operate, maintain and preserve its Electric and Water Utilities in good repair and <br />working order; and <br />WHEREAS, RPU is responsible for operating the Electric and Water Utilities in such a <br />manner that revenues from the sale of electric and water shall at least equal the costs of operation, <br />including all maintenance and operating, administrative and general, debt service, capital <br />improvements, tax -related payments and other costs incurred in complying with prudent utility <br />business practices; and <br />WHEREAS, the City last adopted new electric utility rates in 2018, with the most recent <br />increases implemented January 1, 2023; and <br />WHEREAS, the current five-year electric rate plan effective January 1, 2019, through <br />December 31, 2023, is not sufficient to meet the inflation of costs in the general economy and even <br />greater inflationary market prices in power supplies and construction and equipment costs. RPU's <br />proposed electric rate increases are the result of these increased operational and capital costs and <br />the need for additional funding to address declining reserve levels, pressures on financial metrics, <br />and meeting fiscal policy requirements; and <br />WHEREAS, RPU's electric utility is faced with many current and future challenges <br />including aging infrastructure, power supply costs and sustainability challenges, and increased <br />operational and capital costs. Power supply challenges include State carbon neutrality mandates <br />and local carbon reduction goals, meeting increased loads and peak demands driven by <br />1 <br />