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Study recommends 10.5% water and 7% wastewater annual increases; council asks staff to prepare five-year ordinance
Summary
A consultant presented a rate study showing Melbourne needs multi-year rate increases to fund a larger capital plan, cover the loss of a bulk customer and support debt service; council asked staff to prepare a five-year ordinance for consideration.
A consultant’s financial analysis presented to the Melbourne City Council on Aug. 26 recommended multi-year increases to water and wastewater user rates to meet projected capital needs and debt-service requirements.
Reftellus Financial Consultants urged the council to consider a five-year plan calling for 10.5% annual increases in water rates and 7% annual increases in wastewater rates (each effective Oct. 1 of the fiscal year) to fund a growing $500 million capital-improvement program, preserve reserves and meet projected debt-service coverage requirements.
Why it matters: The study cited three main drivers: a substantially larger capital program compared…
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