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WATER ENERGY LIFE <br />CITY OF <br />RjVEIZSIDE <br />lag <br />PUBLIC UTILITIES <br />RIVERSIDE PUBLIC UTILITIES <br />Board Memorandum <br />BOARD OF PUBLIC UTILITIES <br />DATE: APRIL 8, 2024 <br />SUBJECT: RIVERSIDE PUBLIC UTILITIES PROPOSED BUDGET FOR FISCAL YEAR <br />2024/25 - 2025/26 <br />ISSUE: <br />Review and recommend that the City Council approve the Riverside Public Utilities Department <br />proposed budget for Fiscal Year 2024/25 - 2025/26. <br />RECOMMENDATIONS: <br />That the Board of Public Utilities recommend that City Council: <br />1. Approve the Electric Funds (including Public Benefits Fund) proposed Fiscal Year 2024/25 <br />budget totaling $466.2 million in revenues, $459.9 million in operating expenditures and <br />$61.3 million in capital improvements and proposed Fiscal Year 2025/26 budget totaling <br />$499.2 million in revenues, $472.7 million in operating expenditures and $68.7 million in <br />capital improvements. The difference between revenues and expenditures including <br />capital improvements will be funded by bond proceeds and reserves; <br />2. Authorize the use of the Designated Electric Fund Dark Fiber Reserve for dark fiber leasing <br />operating expenses in the amount of $0.6 million for Fiscal Year 2024/25 and $0.7 million <br />for Fiscal Year 2025/26; and <br />3. Approve the Water Funds (including Water Conservation Fund) proposed for Fiscal Year <br />2024/25 budget totaling $100.4 million in revenues, $97.2 million in operating expenditures <br />and $29.6 million in capital improvements and proposed Fiscal Year 2025/26 budget <br />totaling $108.1 million in revenues, $95.2 million in operating expenditures and $34.6 <br />million in capital improvements. The difference between revenues and expenditures <br />including capital improvements will be funded by bond proceeds and reserves. <br />BACKGROUND: <br />On December 8, 2015, the City Council approved the move to a two-year budget with enhanced <br />long term planning. A two-year budget provides the City Council, departments and the public with <br />greater certainty regarding ongoing funding and staffing for programs and services. The proposed <br />budget for Fiscal Year 2024/25 — 2025/26 is expected to go to a public hearing on May 21, 2024, <br />with final approval by the City Council on June 25, 2024. <br />