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Commissioner Stewart asked if there is a timeline for when the decision needs to be <br />made. <br />Mr. Harvala explained that the issue needs to be resolved for the property owner to <br />receive a certificate of occupancy. <br />The Commission directed staff to make no change to the ERMU Water Rules and invited <br />the property owner to provide any evidence. <br />5.02 Financial Report —September 2023 <br />Ms. Karpinski presented the September 2023 financial report. <br />Moved by Commissioner Bell and seconded by Commissioner Stewart to receive the <br />September 2023 Financial Report. Motion carried 5-0. <br />5.03 2024 Annual Business Plan: Rates and Review Stakeholder Communication Plan CIP <br />Budizet <br />Ms. Karpinski presented the rates and review, stakeholder communication plan, and CIP <br />budget portions of the Annual Business Plan in preparation for approval of the entire plan in <br />December. <br />Ms. Karpinski shared that staff was proposing a 0% electric rate increase and a 2% water rate <br />increase for 2024. <br />Ms. Karpinski explained that some water projects will be happening earlier and that ERMU <br />will likely be bonding in 2025 for water treatment plants and wells. <br />Ms. Karpinski also explained that ERMU would be moving to a budgeting system more <br />comparable with other utilities in providing more of a direct pass through of Energy <br />Adjustment Clause (EAC) charges to customers in the form of a Power Cost Adjustment (PCA). <br />Chair Dietz asked if staff was aware what other local utilities would have for rate changes in <br />2024. <br />Mr. Hanson responded that staff didn't know yet and added that it is common practice in <br />Minnesota Municipal Power Agency member communities to pass through all EAC to <br />customers in the form of a PCA, whereas ERMU had been absorbing the initial $500,000 in <br />increases. <br />Elk River Municipal Utilities Commission Meeting Minutes <br />November 14, 2023 <br />Page 4 <br />