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Finance | Riverside - Finance |
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Riverside employs a variety of interesting financing strategies to build its Creative Community and topping the list is the Riverside Public Utilities Department (RPU). Because the Utility is customer-owned, not only can it charge lower rates to its customers; it can also use a portion of its revenues to finance important projects to benefit the entire community. This past year for example, RPU retained enough from its annual revenues of $214.6 million for operations and required reserves that it was able to transfer $18.5 million to the City of Riverside General Fund. This amounted to 13 percent of what the City needed to support the community's libraries, parks, roads, police, fire and other vital services. RPU paid an additional $5 million to its customers this year ($26.2 million over the past five years) as incentives and rewards for saving water and energy. The RPU has 30 programs that offer rebates for energy and/or water efficient products to assist low-income and special needs customers, construct Green Power renewable power projects, educate school children about energy conservation and safety, and secure financial assistance for scholarships, grants, research and development of new technologies. Additionally, RPU customers voluntarily donate to the Sharing Households Assist Riverside Energy (SHARE) Fund to help qualified low-income residents pay their utility bills and deposits. The utility supplements these contributions with public benefits funds. In the past five years, through the SHARE Program, together, generous customers and the utility have paid $2.7 million to help 16,280 Riverside area residents pay their utility bills. Additional financing strategies include:
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