The new rates are a 2.95 percent increase for electric rates and 4.5 percent for water rates in the first year. Further increases are planned for the next five years — averaging 3.0 percent per year for electricity and 5.7 percent annually for water — but will be reviewed by council members each year.
. . . Revenue from the increase is essential to pay for infrastructure, renewable energy and utility operation costs, as well as to maintain strong bond ratings and low debt costs, he said.
The increases are expected to bring in an average of $35 million more for each of the next five years.
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