No. It is estimated that construction costs for all planned projects would increase over $600 million between 2023-2030, based on rate of inflation estimates for the next eight years. The Utility will defer some essential capital projects at least two years to keep the rate increase under the current rate of consumer inflation.
The 2023-24 rate amendment will make possible those projects immediately needed to avoid risk of service disruption or meet governing requirements. This category of projects is called the Urgent Capital Improvement Program. Other projects that are essential for the long-term performance and resilience of our critical infrastructure will be funded in future rate ordinances.