Waterworth software enhances financial planning for municipal water projects

In the Village of Menands, the Board of Trustees convened on December 16, 2024, to discuss a pivotal software platform aimed at enhancing the village's financial management, particularly concerning water rates and projects. The meeting featured a presentation from Waterworth, a company specializing in financial planning tools for municipalities.

Mayor Marsh welcomed the representative, who emphasized the platform's ability to provide a comprehensive, user-friendly alternative to traditional methods like Excel spreadsheets and consulting services. The speaker highlighted that Waterworth offers a "living, breathing financial plan," allowing for real-time updates and scenario modeling, which is crucial in a landscape where costs and project scopes can change rapidly.

One of the key points made was the platform's focus on financial transparency. By visualizing data, it enables village officials to communicate effectively with residents about how funds are allocated and spent. This is particularly important as the village prepares for significant projects, such as the South End project, which has seen cost estimates rise from $12 million to $17 million.

Trustee Mike raised a question about the platform's applicability beyond water management, to which the presenter confirmed that it could also be utilized for general fund budgeting and other municipal expenses. This versatility is seen as a major advantage, allowing the village to analyze various financial scenarios, including potential tax rate impacts due to changes in expenditures.

The discussion also touched on the importance of accurate billing data and rate structures, ensuring fairness and affordability for residents. The platform's ability to analyze usage patterns and adjust rates accordingly was highlighted as a critical feature that could help the village navigate future financial challenges.

As the meeting progressed, the board members expressed optimism about the potential of Waterworth's platform to streamline financial operations and improve decision-making processes. The consensus was clear: investing in this technology could not only enhance financial planning but also foster greater trust and understanding between the village government and its constituents.

With the village facing significant financial decisions in the coming years, the integration of such a platform could prove invaluable in ensuring that the needs of the community are met while maintaining fiscal responsibility. The Board of Trustees left the meeting with a renewed sense of direction, eager to explore the possibilities that lie ahead.