Even though Nevada City residents and businesses could see water rate increases on a longer timetable than previously established in 2010, the overall incremental hikes could stay below what the Nevada City Council originally approved. At the beginning of January, residential rates jumped to $55 per month for a 1-inch meter. If the Nevada City Council chooses to adopt a proposed amended water rate schedule at its meeting today, that adjustment would translate to $56 per month in fiscal year 2014-15 instead of the previously approved $63.48 rate, according to a city staff report prepared for the meeting. Commercial rates …