Trenton Water Works consultant proposes three years of 14% rate increases to fund $230 million CIP

A consultant hired to study Trenton Water Works’ finances told the City Council on June 17 that the utility will need multi-year rate increases to cover a roughly $230 million capital improvement program and sharply higher debt service.

Piper Brandt, chief executive officer of Raptellus, summarized a financial plan showing total revenue requirements rising from about $60 million to about $82 million between 2025 and 2030, with debt service identified as the main driver of the growth. Brandt said the proposed approach is three 14% across-the-board rate increases in FY2026, FY2027 and FY2028, followed by smaller annual increases in FY2029–30 (about 4%), to fully fund regulatory-driven capital projects while limiting customer impacts.

Brandt told council members that the capital improvement plan (CIP) includes roughly $230 million in required projects over five years, “mostly regulatory driven,” and that Trenton Water Works has not raised rates since 2020. She said the utility’s projected revenues without rate…