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Village approves 25% water‑rate increase to cover projected debt service
Summary
Trustees voted to raise water rates by 25% after staff projected annual debt service near $4.2 million tied to EFC loans and upcoming capital needs; trustees were told the increase would raise annual water revenue to about $4.5 million.
The Village of Mameric Board of Trustees voted on Nov. 10 to increase water rates by 25% to help cover estimated annual debt service tied to infrastructure borrowing, village officials said.
S12 presented figures that put estimated annual debt service for the village’s water program at about $4.2 million once Environmental Facilities Corporation (EFC) loans and other bonding needs are in place. The recommended 25% rate increase was described as necessary to bring annual projected water revenue to roughly $4.5 million and to align the village’s approach with neighboring municipalities, which have enacted similar increases.
S12 cautioned that the $4.2 million figure does not incorporate possible additional expenses such as bonding and the operating costs of a new filtration plant, which could raise future costs. The presenter noted the village had earlier taken a 0% increase in 2023, which contributed to catching up this year.
During the discussion trustees acknowledged the increase would be painful for residents but said delaying was not a viable option given the debt‑service obligations. S1 moved to approve the 25% increase and the motion passed by voice vote.
The vote authorizes staff to implement the new rate schedule as described; trustees said they would review mid‑year budget reports in December.
