Adopted Budget Book FY 23-24 Final with TOC links - Flipbook - Page 73
Strategic → CiTy of eusTis long - range finanCial Plan
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ments, they are more likely to have confidence in the City’s management of these essential
utilities.
Long-Term Planning: Rate studies provide a foundation for long-term financial planning. They
enable the City to assess the impact of rate adjustments on future budgets, allowing for proactive financial management and strategic decision-making.
3. Stormwater Rates Study: The water rates study also encompasses a stormwater study. In FY
2023-24, the City staff recommends increasing the stormwater utility rates over a five-year period.
This recommendation is consistent with a study conducted by the City of Eustis Finance Department
in FY 2020. The proposed increase aims to meet the City’s annual revenue requirements, support
Capital Improvements Plan projects, and align with national utility rates and local rates in Lake
County. Currently, the residential stormwater utility rate stands at $6, while the commercial rate is
$12, and these rates have remained unchanged since FY 2000. The planning for this increase falls
under the Competent and Effective Government Priority, specifically Goal #3 Strategic Priority 1 of
the City’s Strategic Plan - Maintain the financial viability of the City.
A stormwater rate study can yield numerous benefits for the City, its residents, and the environment:
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Funding for Stormwater Management: A rate study ensures that the City has a dedicated and
sustainable source of funding for stormwater management. This funding is crucial for maintaining and improving stormwater infrastructure, such as drainage systems, culverts, and retention ponds.
Flood Prevention: Properly managed stormwater systems help prevent flooding in residential
and commercial areas. By investing in stormwater infrastructure through adequate rates, the
City can reduce the risk of property damage and enhance public safety during heavy rainfall
events.
Water Quality Improvement: Stormwater carries pollutants from streets, parking lots, and other
surfaces into natural water bodies. Adequate funding allows the City to implement stormwater
management practices that improve water quality by reducing pollutants, protecting aquatic
ecosystems, and ensuring compliance with environmental regulations.
Erosion Control: Stormwater rate revenue can be used to implement erosion control measures
along water bodies and construction sites. This helps prevent soil erosion, sedimentation, and
the degradation of water bodies and natural habitats.
Public Health and Safety: Effective stormwater management contributes to public health by
minimizing waterborne diseases and preventing accidents associated with flooding. Wellmaintained stormwater systems also reduce the risk of waterborne illnesses.
Environmental Conservation: Adequate funding supports the preservation of natural habitats
and ecosystems within the City. It allows for the restoration of wetlands, the protection of aquatic
biodiversity, and the conservation of green spaces.
Economic Growth: Effective stormwater management can reduce property damage and business disruptions caused by flooding, thus fostering economic growth and attracting new investments to the City.
4. Wastewater Treatment Plant Expansion: In FY 2023-24, the City will enter the second year of
the Bates Ave WWTP cost, which is part of the FY 2024-2028 Capital Improvements Plan. To fulfill the
project’s requirements, the City plans to allocate $12,187,942. The project’s funding is supported by
the American Rescue Plan (ARPA), with funds received in two tranches during October-November
of 2021 and 2022. Due to high inflation, the City had to increase the project funding by an additional
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City of Eustis, Florida
Adopted Budget
71
