FOR IMMEDIATE RELEASE
June 21, 2016
Public Utilities Board Approves FY 2017 Budget
ALAMEDA, Calif. – At its regular meeting on June 20, the City of Alameda’s Public Utilities Board approved Alameda Municipal Power’s (AMP) balanced budget of approximately $64 million for fiscal year (FY) 2017.
The budget reflects the priorities set by the Board through its adopted strategic plan, the annual planning workshop held in January 2016, and the annual budget workshop held in April 2016.
Major projects for FY 2017 include installation of advanced meters, initial development of a community solar program, and the designation of districts where overhead utility lines and equipment will be moved underground.
The budget also includes funding to upgrade AMP’s system operations, make infrastructure improvements, and expand energy efficiency programs for residential and commercial customers.
The rates for AMP’s residential customers average 21 percent less than those of neighboring communities, such as Oakland and Berkeley.
In a separate announcement on June 21, Fitch affirmed that AMP has an A+ bond rating and said the utility is financially solid.
AMP serves the community with a reliability record within the top quartile of all western U.S. utilities. As a 129-year-old community-owned electric utility, AMP does not generate a profit on rates. AMP reflects the Alameda community’s commitment to sustainability by maintaining a strong renewable portfolio.
AMP’s 2017 fiscal year begins on July 1, 2016 and runs through June 30, 2017. The FY 2017 budget materials are available at alamedamp.com.