The City Council voted to approve the rate hike as a way to shore-up the Utility’s reserves by 2014 and bring them inline with minimum funding level requirements.

This hike, a 6.2% increase, will take effect January 2011.

From the Granite Bay Press-Tribune:

Roseville Electric’s director thinks a third rate increase is necessary, according to a report she made to the Roseville City Council Oct. 20.

Michelle Bertolino made the presentation at the request of the City Council, which had previously asked for verification that the last adjustment in a three-step rate increase is necessary so the city-operated electric utility can achieve a balanced budget in coming years.

In October 2009, the City Council approved Roseville Electric’s 2010 and 2011 rates proposal for an increase of 6.2 percent each in January 2010, July 2010 and January 2011. The main goal is to balance the utility’s revenues and expenses, and restore the Rate Stabilization Fund to its minimum funding level requirements by 2014.

Read the full article here.