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WATER I ENERGY ' E] F E <br />RIVERSIDE PUBLIC UTILITIES <br />Jai Board Memorandum <br />PUBLIC UTILITIES <br />BOARD OF PUBLIC UTILITIES <br />DATE: APRIL 22, 2024 <br />SUBJECT: ANNUAL ELECTRIC AND WATER UTILITY RATE PLAN UPDATE FOR THE <br />RESULTS OF FISCAL YEAR 2022-23 <br />ISSUE: <br />Consider receiving the annual electric and water utility rate plan update for the results of Fiscal <br />Year 2022-23. <br />RECOMMENDATION: <br />That the Board of Public Utilities recommend the City Council receive the annual electric and <br />water utility rate plan update for the results of Fiscal Year 2022-23. <br />BACKGROUND: <br />The Riverside Public Utilities Department (RPU) is responsible for the operations of the City - <br />owned water and electric utilities. It provides high quality and reliable services to over 112,000 <br />metered electric customers and approximately 66,000 metered water customers throughout the <br />City of Riverside. The electric and water utility funds are self-supporting enterprise funds that <br />provide services for a fee. Per the City Charter, the Board has the authority to establish, and the <br />City Council has the authority to approve rate changes when necessary to ensure the continued <br />recovery of costs for services and to secure reinvestment into the system infrastructure for long- <br />term sustainability. <br />On May 22, 2018, the City Council approved the electric and water utility rate plans with water <br />rate increases effective July 1, 2018, and electric rate increases effective January 1, 2019. <br />Additionally, the City Council directed staff to provide an annual review of the adopted rates. <br />The Board and City Council received the first annual electric and water utility rate plan update for <br />Fiscal Year (FY) 2018-19 on January 13, 2020, and February 11, 2020. <br />The Board and City Council received the second annual electric and water utility rate plan update <br />for FY 2019-20 on December 22, 2020, and January 5, 2021. On April 19, 2021, and June 15, <br />2021, the Board and City Council respectively approved to delay the third year of the electric rate <br />plan from January 1, 2021, to July 21, 2021. <br />The Board and City Council received the third annual electric and water utility rate plan update for <br />FY 2020-21 on December 13, 2021, and December 14, 2021. <br />The Board and City Council received the fourth annual electric and water utility rate plan update <br />