Waterloo electric customers will save an estimated $75 to $100 next year on their utility bills after the city council voted Monday night to reduce the base electric rate by five hundredths of a cent. 

“We were able to keep our expenses low,” Waterloo budget officer Shawn Kennedy explained. “We’re trying to lower our margin a bit.”

The base rate reduction was recommended following a finance/electric committee meeting in November. 

This decision was based on the fact that operating revenue at the end of the last fiscal year was $1.7 million and the city has sufficient reserves in the electric department with no significant capital projects planned over the next several years.

The city also looked at how its rates compare to others in the Illinois Municipal Electric Agency, of which Waterloo is a member…>>>

Read the rest of the story in the December 19, 2018, newspaper.

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