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Study recommends 40% sewer rate increase in FY25 to restore reserves and meet bond covenants
Summary
A consultant presented a five-year sewer financial plan recommending a 40% across-the-board sewer rate increase in FY25, followed by 15% in FY27 and modest increases thereafter to meet debt-coverage covenants, restore reserves and fund capital including a $3 million Queen Anne Pump Station project.
A consultant who prepared a five-year sewer financial plan recommended substantial near-term rate increases to the Hopewell City Council to ensure the sewer fund meets bond-covenant coverage tests and can fund capital projects.
Ford Moiardi, the presenting consultant, said the model used the FY25 operating budget as a base, assumed no customer growth, modest declines in per-customer usage, and embedded inflationary escalators. The plan includes a near-term…
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