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Oswego officials review updated Lake Michigan water financing and three rate scenarios; board asks staff for tap‑on fee and structure options
Summary
Village staff and consultants presented three rate scenarios to cover Lake Michigan connection and other capital projects, outlining WIFIA and other loan plans; trustees asked staff to explore raising tap‑on fees and favored gradual rate increases over sudden spikes.
Village of Oswego officials heard an update April 8 on an updated water and sewer rate study tied to the village’s planned connection to Lake Michigan water and a slate of near‑term capital projects.
Finance Director Andrea Lambert and consultant Mark Seifert of Baxter & Woodman told the Board of Trustees that capital cost estimates have risen substantially since the 2023 study and that staff and consultants prepared three scenarios to fund utilities and required debt reserves. The village plans to present an ordinance amending rates alongside the fiscal 2026 budget; any new rates would take effect Jan. 1, 2026, appearing on bills issued in March 2026.
The update matters because the village is planning a large set of projects — including the Lake Michigan connection, two proposed general‑obligation (GO) bond issues, an Illinois Environmental Protection Agency (IEPA) low‑interest loan, and a potential WIFIA loan — that will significantly increase debt service beginning in 2028. Seifert said the village’s projected capital cost for projects has grown from about $92.5 million in 2023 to roughly $130.1 million as of April 1, driven by scope definition, inflation and schedule pushes.
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