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FINANCIAL MANAGEMENT DEPARTMENT <br /> #2008 - 64 <br /> DATE: June 11, 2008 <br /> TO: Mayor Pro Tem Michael T. Carrigan and City Cou cil <br /> FROM: John A. Smith, Interim City Mana r G��- <br /> Ron Neufeld, Finance Director <br /> SUBJECT: Ordinance to Increase Water Rates-25% + 15% + 15% <br /> Attached you will find a copy of an ordinance to increase the watar rates by 25% the first <br /> year, 15% the second year and 15% the third year. There are no CPI increases. Also <br /> enclosed is the Seven-Year Financial Forecast (Exhibit 1) showing the estimated <br /> revenues, expenses and fund balances for the next seven years. There is also a sheet <br /> (Exhibit 2) that shows the current rates, the proposed water anjd meter rates, average <br /> residential water charges and average residential utility bill inform tion with the first year <br /> of the increase. This is the third option of four to be considered b the City Council. <br />