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West Valley Water District Board votes to rebate approximately $2.4 million to ratepayers
After reviewing an impact report, prepared by the staff of the West Valley Water District (WVWD), on a proposed rebate of 15 percent at their Jan. 18 meeting, the WVWD Board of Directors has voted to rebate approximately $2.4 million to their ratepayers on their 2017 water payments. Vice President Gregory Young made a motion to approve the 15 percent rebate which was seconded by Director Kyle Crowther.
The new rebate marks the second time the WVWD Board has approved a ratepayer rebate. In May 2016, the Board was able to refund a portion of customers’ 2015 water payments and rescind the 2016 and 2017 rate increases that had been approved in 2012. Rebate checks will be sent directly to ratepayers beginning in approximately May of this year. This will include approximately 80,000 people in portions of the communities in Bloomington, Colton, Fontana, Rialto, San Bernardino and the Jurupa Valley that the WVWD serves.
The rebate will apply billing charges paid by both residential and commercial customers from January 1, 2017 through December 31, 2017. Those who are current ratepayers as of March 31, 2018 will be eligible for the rebate.
“It has been a critical priority of our Board to offer our ratepayers rebates whenever possible. Our District has cash funds in excess of $41 million. We see this as the people’s money and we know how much these rebates will help the working people of the District,” Vice President Gregory Young said. “We continue to relentlessly provide our ratepayers with safe, high quality water service at a reasonable rate.”
WVWD has saved hundreds of thousands of dollars over the last year by seeking out lower bank fees, refinancing bonds, and renegotiating contracts. The newest rebate is being made possible by refinancing 2006D-2 bonds in December 2016 for a lower interest rate, which generated $4.5 million in savings.