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SFPUC delays final budget vote after debate over a projected 30% retail rate spike and mitigation options
Summary
Commissioners continued budget deliberations after an extended discussion of a projected 30% retail rate increase in 2014–15 tied to the Water System Improvement Program debt service. Staff outlined mitigation options — wholesale prepayments, property sales and delaying projects — while the commission asked staff to sharpen assumptions for the February financial plan.
The San Francisco Public Utilities Commission on Jan. 24 continued its budget deliberations after an hours-long review of a 10-year financial plan that shows a sharp retail rate increase in fiscal 2014–15.
Staff told the commission the driver of the projected 30 percent increase is debt service and capital work tied to the Water System Improvement Program and the Sewer System Improvement Program. "Well, today is a notable day for 1 reason in particular. This will be the first time before you as a commission that we have a balanced capital plan," Assistant General Manager Todd Reitstrom said, describing trade-offs that had closed prior budget gaps.
Commissioners…
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