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Finance board reviews proposed FY2025–26 budget and water/wastewater rate study; $72M CIP and Buffalo Creek charges drive major rate increases
Summary
Consultant Jason presented a model that shows steep near-term water and wastewater rate increases tied to a proposed $72 million debt issuance for the Water Bridge Plan and rising Buffalo Creek interceptor costs. Board members requested further analysis on well count, timing, take-or-pay exposure and public outreach.
The HEAT Finance Board reviewed the city’s proposed fiscal 2025–26 budget and a consultant’s water and wastewater rate study that projects multi-year rate increases if the city issues $72 million in debt to fund the Water Bridge Plan.
Jason Grama, the consultant who delivered the rate study presentation, told the board that the model assumes issuing about $72 million in 2026 — roughly $70 million net of issuance costs — to fund water-supply projects, including six new wells, storage tanks and distribution improvements. Under those assumptions Grama said the water system would need a roughly 25% rate increase in 2026, then roughly 21% in 2027 and another near‑20% increase in 2028 to cover debt service and other costs. For combined water and wastewater service the example residential bill used in the presentation would rise from about $236 per month today to $283 in year 1 (an increase of ~$47), then by roughly $52 the following year.
Grama said two principal drivers in the model…
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