Colorado Springs city council approves $1.11 billion budget for Colorado Springs Utilities

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From the Colorado Springs Independent:

In approving Colorado Springs Utilities’ $1.11 billion budget, City Council this week allowed the city-owned agency to use water rate money to fund $75.8 million in projects over 10 years. The projects will satisfy regulations imposed on the Southern Delivery System pipeline that will bring water from Pueblo Reservoir. Money for those projects is included in the rate base starting in January, although roughly $64 million in work won’t begin until after 2010. The idea is to spread the cost over 10 years, rather than coming up with all the money now, says Councilman Randy Purvis, adding that amortizing payments spreads the cost to future ratepayers. Projects include dredging Fountain Creek, developing wetlands and erosion control. The largest sum, $49.7 million, comprises five annual cash payments to the Fountain Valley Watershed Flood Control and Greenway District formed this year to improve and preserve the corridor. The Utilities budget contains rate increases that will raise the typical residential bill by about $1.90 a month, which would have been larger but for reductions in gas charges due to falling fuel costs.

More Southern Delivery System coverage here.

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