The City of Naperville will host a public open house on Thurs., March 6 that will provide an overview of the current financial position of the City’s Electric Utility and proposed electric rate increases starting May 1 of this year.
The open house will be held from 4 to 7PM in Council Chambers of the Municipal Center, 400 S. Eagle St. No formal presentation will take place; City staff will be available to answer individual questions from attendees at five stations.
For those individuals who cannot attend the open house, public feedback will be accepted through Thursday, March 6. The public is encouraged to submit feedback by contacting Kate Schultz in the City’s Communications Division by email at schultzk@naperville.il.us. Comments can also be faxed to Kate’s attention at (630) 305-5986 or sent via mail to Kate Schultz – Communications Division, Naperville Municipal Center, 400 S. Eagle St., Naperville IL 60540.
The City of Naperville owns and operates its own electric utility and is currently facing a negative cash balance due to costs of purchased power exceeding the projections of a 2011 rate study. Due to the negative cash balance, there is also currently no cash reserve for the utility. The Electric Utility has worked diligently to cut costs and has eliminated an additional $7.6 million in capital and operating costs over the next two years, which is above and beyond $8 million in capital costs already eliminated in late 2013.
At its Feb. 24, workshop the City Council discussed several options regarding the negative cash balance and provided a recommendation for a 6 percent rate increase on May 1, 2014, and a 7 percent increase on May 1, 2015. Complete materials from the February 24 workshop are available to view by visiting www.naperville.il.us/emplibrary.
