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Kirkwood adopts average 14.8% electric rate increase effective Nov. 1 to rebuild depleted reserves
Summary
The Kirkwood City Council adopted a change to the electric-department fee schedule on Oct. 16 that raises rates on average 14.8% effective Nov. 1 to restore depleted electric and city reserves.
The Kirkwood City Council on Oct. 16 adopted an amendment to the city's electric-department fee schedule that increases rates on average 14.8% effective Nov. 1. Council members, city staff and a retained consultant (UFS) described a multiyear shortfall in the electric fund driven by capital spending for system upgrades, energy-market volatility that increased purchased-energy costs, and accounting/ tracking issues that caused deficits to surface only after year-end reconciliations.
City staff and the consultant told the council the electric enterprise used a mix of financing and cash reserves to…
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