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***AMI project from inter -fund borrowing. <br />Water Budget and Rates <br />As discussed in November, we are proposing a 2% rate increase for 2024. <br />Notable items in the water budget for 2024 are: <br />• 4.00% wage adjustment for all pay plan groups. <br />• Conservative estimate for usage and growth. <br />• Increased pension expense due to 2022 actual. <br />• Increased loss on disposition of capital due to AMI implementation. <br />• Administrative expenses for UPMIC Distribution for change in percentage and additional <br />consulting fees for a rate study, compensation study, and NISC business consult. <br />• AMI project from reserves. <br />• Water main construction from reserves. <br />Summary <br />Submitted for approval is the 2024 Annual Business Plan which includes the 2024 Budget and <br />the 2024 Schedule of Rates & Fees. The 2024 fees were approved by the commission in <br />November and are being presented here unchanged. The adoption of the 2024 Schedule of <br />Rates & Fees through the adoption of the Annual Business Plan shall supersede and replace all <br />previously adopted tariffs, rates, and fees. <br />FINANCIAL IMPACT: <br />Notable items discussed above. As previously discussed, we are proposing a rate increase of 0% <br />for electric and 2% for water. <br />ATTACHMENTS: <br />• Proposed 2024 Annual Business Plan <br />o 2024 Budget <br />o 2024 Schedule of Rates & Fees <br />Page 2of2 <br />100 <br />