GREEN COVE SPRINGS, Fla. – The City of Green Cove Springs said it is considering an electric rate hike of 14 percent.
Prior to 2024, it had been almost nine years since the city had an electric rate hike, according to city leaders. The rates were raised in January 2024 and October 2024.
Around 2020, the city had roughly $10 million in reserve funds. That lasted through the pandemic and massive inflation earlier this decade. However, city leaders said now they’re almost out, and the reserve fund is down to around $3 million.
“Other things we look at is operating costs. They continue to increase just like the cost of running your household has increased just like the cost of running your utility. And unfortunately, we need to collect rates sufficient to run the utility so we can keep the lights on,” said Assistant City Manager Mike Null.
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The 14% increase, if passed in its proposed form, would be around 14 percent, and it would take effect in June.
City officials said they would send out mailers with full details to every electric customer in Green Cove Springs in the coming days.
Then they’ll hold city council meetings in May and are inviting the public to come speak at them.