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LADWP To Cut Its Budget By More Than $400M

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(CBS)

(CBS)

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LOS ANGELES (AP) — The Los Angeles Department of Water and Power is cutting its budget more than $400 million by imposing a hiring freeze, reducing nonessential training and eliminating take-home vehicles for executives.

DWP general manager Ron Nichols says the cuts announced Tuesday won’t lead to rate hikes or service reductions for its more than four million customers.

The Los Angeles Times says the utility, which has a $4 billion annual budget, is facing fuel price hikes, greenhouse-gas emissions reduction costs, rising labor costs and the price tag of replacing an aging infrastructure.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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