When it comes to budgets, planning is key. Central Arizona Project just finalized its water rates for 2015-2020. The budget process helps CAP to manage water rates, keeping them as low as possible. CAP uses a two-year budget planning cycle. The biennial budget is completed on the odd years and water rates are figured on the even years. Since this is 2014, it’s a water rate year. In order to minimize surprises, each process provides for “mid-cycle” updates to course correct as necessary.