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8.A. - Page 52 <br /> Water Rate Increases <br /> Historical Rates Increases. The City's most recent rate increase took effect in July 2014. The <br /> City's practice since 1993 has been to adjust rates and service charges annually, at the beginning <br /> of the City's fiscal year, based on changes in the wholesale rates paid under the Water Supply <br /> Agreement and approved Enterprise budgets. Table 11 below sets forth historical water rate <br /> increases since Fiscal Year 2008-09. <br /> Table 11 <br /> Historic Water Rate Increases <br /> Fiscal Year Rate Increase <br /> 2008-09 2.9% <br /> 2009-10 3.0% <br /> 2010-11 9.0% <br /> 2011-12 9.0% <br /> 2012-13 12.0% <br /> 2013-14 9.0% <br /> 2014-15 9.0% <br /> Source:City of Redwood City-Public Works Services Department. <br /> Future Rate Increases. A 9% water rate increase for Fiscal Year 2015-16 was approved and <br /> adopted by the City Council on June 10, 2013. While additional increases have not been <br /> considered by the City Council, increases of 5.5%, 5.5% and 3% in Fiscal Years 2016-17, 2017-18 <br /> and 2018-19, respectively, have been assumed for planning purposes and have been used in the <br /> projection of revenues, expenses and debt service coverage shown in Table 18. Such increases, if <br /> approved, could be higher or lower. Rate increases are made, when necessary, to reflect <br /> wholesale water rate increases (see Table 5), the cost of City capital improvement projects for <br /> the potable water system, debt service obligations and operating costs to manage the Enterprise. <br /> -28- <br />