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Lake Bluff finance committee hears staff recommendation for 5% water-rate increase to fund infrastructure work
Summary
Staff recommended an initial 5% water-rate increase, followed by lower annual increases, to accelerate water infrastructure investments and reduce the average age of the water system; the committee agreed to start with the 5% increase and reevaluate.
On March 10 the Village of Lake Bluff Finance Committee reviewed the water fund budget and rate analysis and heard staff recommend an initial 5% water-rate increase to accelerate replacement and repairs of aging water infrastructure.
Staff explained the village's water distribution system is dated and that the village is experiencing more main breaks and regulatory requirements that together argue for a larger investment. "Staff is recommending a more aggressive, initial increase and then do a study, a more comprehensive study ... which is both looking at our infrastructure needs as well as ... the rate side of things," a staff presenter said.
Committee discussion centered on balancing rate impacts with the need to reduce the average age of the water network. A committee member summarized the recommendation: "It was the recommendation, a 5% increase." Staff said that after the initial increase the plan would transition to lower annual increases (a staff example was an eventual 2.5% rate), subject to further study and Board direction.
Committee members generally supported starting with the initial 5% increase and agreed to revisit the rate path after the proposed infrastructure and rate study.
Ending: Staff will proceed with the recommended rate adjustment for Board consideration and return with the scope and cost of a comprehensive infrastructure/rate study.
