City plan for $75M budget surplus includes CPS bill credit, raises

The city is looking at a $75 million budget surplus for 2023 because of unanticipated additional revenue from CPS Energy.Thanks to massive, unanticipated additional revenue flowing to the city from CPS Energy, the utility’s customers may see a credit on their power bills this fall.budget, City Manager Erik Walsh told reporters Wednesday during a briefing on the proposed 2023 budget.

The unusual move comes as city staff is recommending an overall $3.4 billion budget — a 10.9% increase from the 2022 budget — for the upcoming fiscal year, which begins Oct. 1. This year, that amount totaled about $436 million — roughly $75 million over the budgeted amount of $361.2 million — due to extraordinarily high summer bills spurred on by record-breaking heat this summer, Walsh said.

Far from the budget holes the federal government intended to address with that money, cities are experiencing budget surpluses due to inflation and rising property values. While the federal government has pumped money into city budgets through pandemic relief, Texas has worked to cap cities’ budgets by limiting the amount of revenue they can collect through property taxes.

This money belongs to the residential customers of CPS😡

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