The Sacramento Municipal Utility District board of directors has approved a $1.35 billion budget for 2013.
SMUD said the budget is balanced and will enable it to meet long-term goals without having to raise rates.
The utility also noted that previous projections of economic growth next year appear doubtful. SMUD said new-service connections will likely be minimal, and electricity sales are expected to decline slightly.
Major projects in the spending plan for next year include completion of the corporate yard on the East Campus-Operations Center and completion of the construction portion of the smart-grid grant project.