The Naperville Area Chamber of Commerce Legislative Committee met Monday to discuss a number of topics, including the city’s electric rate hikes.
City council members recommended raising residential customer rates six percent this May and seven percent in May of next year. The rate for commercial customers is still undetermined. The increase stems from a city-owned electric utility budget deficit, projected to reach $14 million by next month.
City Manager Doug Krieger says the city will eliminate the infrastructure availability charge (IAC), which is a fee commercial customers pay because Naperville’s electric utility was historically cheaper and more reliable, but today Krieger says the low price aspect is no longer relevant, and hinders business development in Naperville.
The committee also heard from District 203’s Chief Financial Officer Brad Cauffman regarding whether to keep or return about $3 million dollars in property taxes to tax payers.
Cauffman outlined how the district could save money by using the funds to pay off a loan early saving money on interest.
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