Budget Supports Financial Stability
GRU customers will not see rate increases in the electric, water, wastewater or natural gas systems in fiscal year 2025. This marks a significant turnaround from an earlier proposed fiscal year 2025 budget that requested base rate increases for electric, gas, water, and wastewater. Fiscal Year 2025 begins on Oct. 1, 2024.
“We need to be a utility our customers can afford,” said CEO Ed Bielarski. “Our employees are committed to that goal, and we have the support of the GRU Authority. Next year’s budget is a great first step in that direction.”
*Standard Utility Benchmarks are common industry measurements that allow customers to more easily compare rates.
In addition to eliminating base rate increases in the upcoming year, the fiscal year 2025 budget addresses a number of other issues, including:
- The budget reduces GRU’s annual transfer to the city’s general fund by $6.8 million a year until the utility recoups $68 million it overpaid between 2018 and 2021. This reduces the payment to $8.5 million per year for the next 10 years;
- At the request of the GRU Authority, GRU cut $20 million in capital expenditures from its original budget proposal;
- At the request of the GRU Authority, GRU cut $12 million in operations and maintenance expenses from its original budget proposal;
- Overall, the budget reduces future upward base rate pressure on utility customers.