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SFPUC flags budget shortfalls as conservation and low water sales squeeze revenues
Summary
PUC staff told commissioners that strong conservation and wet weather have cut water sales, producing an annual retail shortfall of about $10 million and a projected Hetch Hetchy fund depletion by mid-2013; staff outlined options including debt financing, modest rate increases and cuts to operating programs.
The San Francisco Public Utilities Commission heard a detailed budget briefing Tuesday that warned conservation-driven declines in water sales could force program cuts or earlier rate increases. Todd Reekstrom, assistant general manager and CFO, told the commission that retail water revenues are roughly $10 million lower annually and that continued lower deliveries could require a roughly 12% retail rate request by fiscal year 2014'15 if trends persist.
Reekstrom said the PUC is working on a multi-year financial plan and emphasized that most near-term growth in the adopted two-year…
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