Condo Boards Should Anticipate High Utility Bills for 2023 Budgets
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As Haus Financial Services processes Draft Budge Packages for our clients this budget season. we are noting large increases to gas, electric and water expenses over 2021 figures. 

The City of Chicago adjusts water rates every June based on rates of inflation. The most recent increase in June 2022 was 5%.

Natural gas prices have climbed in 2022. The cost per therm is about 50% over last year's rates.

Electricity supply charges are currently about double the 2021 rate (0.09941/kWh vs. 0.05470/kWh in 2021).

Board members should be prepared to build these increases into their projected expenses for 2023. Rates will likely not double again, but further increases (rather than decreases) should be anticipated.