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Consultants model utility‑rate increases as much as 15% annually to fund $487 million water and sewer CIP unless grants or project timing change
Summary
A Stantec consultant told Goldsboro council members that the city’s water‑and‑sewer capital plan has grown substantially — about $487 million over 10 years in current dollars — and that, without significant grants or project delays, modeled scenarios show near‑term rate increases on the order of 15 percent annually to keep reserves and meet debt coverage requirements.
A consultant from Stantec presented Goldsboro council members with a 10‑year financial model that compares projected operating and capital costs for the city’s water and sewer system to forecasted revenues. The analysis incorporated a substantially expanded capital improvement plan that includes a proposed 3.5‑MGD wastewater treatment plant project (roughly $120 million) and a proposed water‑treatment plant project estimated at $220 million in today’s dollars (inflation‑adjusted later in the timeline). Together, the 10‑year CIP was summarized at roughly $487 million in current dollars.
Why it matters: The consultant said the utility fund currently holds a strong cash balance (about $33 million, roughly 24 months of operating expenses), but the proposed capital program — if funded primarily with debt and without significant grant…
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