The city of Naperville will host an open house 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.
The open house will be held from 4 to 7 p.m. in Council Chambers of the Naperville Municipal Center, 400 S. Eagle St. No formal presentation will take place. City staff will be available to answer individual questions from attendees.
For those individuals who cannot attend the open house, public feedback will be accepted through March 6. The public is encouraged to submit feedback by contacting Kate Schultz in the city’s Communications Division by email at email@example.com. 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.
At its Feb. 24 workshop meeting the City Council discussed several options and provided a recommendation for a 6 percent electric rate increase on May 1 and a 7 percent increase on May 1, 2015.