MEMPHIS, TN (WMC) - Memphis City Council said no last month to a hike in water rates.
However, executives with Memphis Light Gas and Water hope to raise your electric and gas rates next week in order to balance its budget.
Last month Memphis City Council leaders delayed action on proposed electric and gas hikes until Tuesday, Jan 9.
According to the numbers released, the average cost to customers would be between $4 and $12 extra a month if it's passed.
MLGW CEO Jerry Collins said the utility was running an unbalanced budget for the gas and electric divisions and rates had to go up.
MLGW insists it's a small increase. The company also points out it has not increased utility rates in a long time.
"For 14 years to go without an electric rate increase, nine years to go without a gas rate increase is really been amazing," said Gale Jones Carson with MLGW Communications. "Because if you think about, it can you tell me anything here at Channel 5 that cost the same today than it cost 14 years ago. Costs go up."
The utility services more than 400,000 homes and businesses across the Mid-South.
MLGW said if the rate hikes aren't approved and the budget is not passed by Jan. 15, it could hurt the utility's bond rating, which could force costs at the utility to go up.