FY 2025 BUDGET BOOK - Flipbook - Page 64
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Resilience and Sustainability: The strategic plan can incorporate resilience and
sustainability goals, helping the City prepare for and mitigate the impacts of
environmental and economic challenges.
Community Well-Being: A well-executed strategic plan aims to improve the overall
well-being of the community. It enhances services, infrastructure, and quality of life
for residents, making the City a more desirable place to live, work, and invest.
Competitive Advantage: Implementing a strategic plan can give the City a
competitive advantage by identifying unique strengths and opportunities for
growth. This can attract businesses, tourism, and investment to the area.
An updated strategic plan is a valuable tool for guiding the City’s growth and development.
It ensures that resources are used effectively, decisions are aligned with long-term goals,
and the residents’ needs are met. Ultimately, it contributes to a thriving and sustainable City
that benefits both current and future generations of residents.
2. Water & Sewer Rate Study: The City contracted for an updated utility rate study in FY
2023/24. The study is being conducted by an independent consulting company and will
provide an unbiased assessment of the City’s current revenues, expenditures, and
capital projects as they relate to City utilities. The consultant was given direction to
determine whether the City’s utility operating revenues are sufficient to cover expenses,
operations and maintenance costs, upcoming replacements, expansions, debt service,
etc. During the process of gathering information, the consultant discovered funding
issues with the Eastern Wastewater Plant. The focus of the study has since shifted to the
Eastern WWTP. Once options have been presented and decisions made regarding the
plant, the overall rate study will continue. The results of the study should be completed,
presented and implemented in FY 2024/25. This consulting effort aligns with the
Competent and Effective Government Priority, Goal #3 Strategic Priority 1 of the City’s
Strategic Plan - Maintain the Financial Viability of the City.
Conducting a comprehensive study on water and wastewater rates can bring several
significant benefits to the City and its residents:
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Financial Sustainability: A rate study ensures that the City’s utilities are financially
self-sustaining. By accurately assessing the costs of providing these essential
services, the City can set rates that cover operational expenses, maintenance, and
necessary infrastructure investments. This financial stability reduces the burden on
the City’s General Fund and ensures the long-term viability and sustainability of the
utilities.
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Equitable Billing: A rate study helps establish a fair and equitable billing structures.
It considers factors such as consumption patterns, customer categories (residential,
commercial, industrial), and affordability considerations. This ensures that
customers are billed fairly based on their usage.
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Compliance and Quality: Ensuring that water and wastewater rates cover
operational costs is essential for meeting regulatory compliance and maintaining
water quality standards. Adequate funding allows the City to invest in advanced
treatment processes and maintain the highest water quality for residents.
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Predictable Budgeting: Accurate rate setting provides predictability for the City’s
budgeting process. It enables the City to anticipate revenue streams, plan for future
expenses and capital investments, and make informed financial decisions.
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