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Annual operating budget

We develop our annual budget to meet system needs, provide value to our customers’ lives and support economic growth. As a community-owned utility, we are a nonprofit and do not make money on the rates we charge.  

Base rates support the annual budget and are designed to cover the cost to provide services. Base rates fund major projects, system improvements and maintenance to meet regulations, support customer needs and maintain service reliability.

Important dates:

•    Aug. 21, 2024: Proposed Budget and Rate Case Presentation - Utilities Board 
•    Oct. 22, 2024: City Council Budget First Reading & Rate Case Hearing  
•    Nov. 12, 2024: City Council Budget Second Reading and Rate Case Decision  
•    Jan. 1, 2025: New base rates (2025-2029) and 2025 budget effective.

Budget drivers

The drivers of the budget fall into these primary categories:  

  • Reliability. System improvements or equipment required to operate the existing system reliably and resiliently.  
  • Regulatory. Required by local, state or federal law.  
  • Growth/capacity. Projects that increase capacity for population or system growth.

Our commitment to customers

These projects help us to maintain the reliability our customers have come to expect, while allowing us to support the city’s growth and meet regulations.

Five-year rate case

We are facing a period of historic demands and industry change.  We currently have about $4.6 billion of infrastructure in our system that has been built and maintained over our 100-year history. We expect to add another $3.9 billion in assets in just 5 years.  

As a result, we must increase our budget to pay for these necessary projects. The 2025 proposed budget is currently estimated at $1.8 billion – a 21% increase over the 2024 approved budget. Despite these challenges, we believe this plan will keep rates competitive compared to other Front Range utilities.

  • Increasing our budget to pay for these future projects will result in proposed rate increases across all four services for the next five years.
  • We understand increases have a financial impact on our customers and are committed to providing payment assistance programs, rebates, efficiency information and rate options to support you.

Major capital projects

Below is a look at the major capital projects for each service area.

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Wastewater project

Eastern Wastewater System Expansion Project

One of the major investments over the next five years is an expanded wastewater system to meet the demands of growth within the city. One of the major investments over the next five years is an expanded wastewater system to... One of the major investments over the next five years is an expanded wastewater system to meet the demands of growth within the city.

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RaisedDam3
Water storage project

The Continental-Hoosier System Project

The Continental-Hoosier System Project will allow us to fully develop our existing water rights by enlarging Montgomery Reservoir in Park County. The Continental-Hoosier System Project will allow us to fully develop our existing water... The Continental-Hoosier System Project will allow us to fully develop our existing water rights by enlarging Montgomery Reservoir in Park County.

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Irrigation Pivot in a green field.
Water acquisition project

Water acquisition efforts

This innovative program provides water for Colorado Springs customers while protecting rural communities and the agricultural economy in our region. This innovative program provides water for Colorado Springs customers while protecting... This innovative program provides water for Colorado Springs customers while protecting rural communities and the agricultural economy in our region.

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Energy project

Kelker Substation Project

The Kelker Substation Expansion project nearly doubles the substation size to meet increasing energy demands and improve system reliability. The Kelker Substation Expansion project nearly doubles the substation size to meet... The Kelker Substation Expansion project nearly doubles the substation size to meet increasing energy demands and improve system reliability.

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Energy project

Jackson Fuller Energy Storage Project

Battery storage supplements renewable energy sources like solar and wind by storing excess energy for use during low generation or discharging energy during peak consumption periods. Battery storage supplements renewable energy sources like solar and wind by storing... Battery storage supplements renewable energy sources like solar and wind by storing excess energy for use during low generation or discharging energy during peak consumption periods.

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Related documents

PDF PDF

Proposed 2025 budget

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Municipal Advisor Disclosure

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Secondary Market Disclosure

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Official Statement

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2023 annual report

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Investor presentation - July 2024

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2024 budget

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2024 rates & budget fact sheet

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