Common use of Rate Review Clause in Contracts

Rate Review. In order to provide timely notification of proposed changes in rates, charges, and rate design and an opportunity for Purchaser to evaluate such proposals and be heard before Portland City Council, Portland will share the following information with WWMG on an annual basis, and Portland will endeavor to share information at such times as will allow WWMG and Purchaser a reasonable opportunity to review, provide comments, and incorporate into Purchaser’s own budget and planning: 1. Capital Improvement Program. Portland will share the 10-year CIP that is included in the next rate year. 2. Operation & Maintenance Budget. Portland will share the O&M budget that is included in the next rate year. 3. Report of prior year actual O&M Costs, Capital Costs, and revenues earned that impact Purchaser’s rates. 4. The commencement and anticipated schedule of annual financial plan and budget preparation, as well as the proposed budget when submitted by the Portland Water Bureau. Additionally, Portland will advise WWMG in writing of significant changes in the proposed budget after its submission. 5. Any proposed methodology changes to the Portland Model. Portland may make non-substantive, administrative changes to the Portland Model that are consistent with the terms of this Agreement without amending this Agreement. 6. Rate Forecast. Portland will provide Purchaser a 10-year rate forecast. 7. When Portland files its annual rate ordinance with the Portland City Council Clerk, a copy of said ordinance will be forwarded to WWMG, along with the dates on which the Portland City Council is scheduled to consider rates.