The bump goes into effect in 2024. Read the full story:
According to a board statement, after reviewing additional information, the Water Authority's Finance Planning Work Group recommended another approach — a rate increase of 9.5% that would meet the board's financial policies.
The new rate is below initial forecasts due to efforts by the board to reduce expenditures, including spending on capital projects, the statement reads. "Decades of board decisions to ensure water security for our region, including during this most recent dry period, have come at a cost," said Kerl."The value of water reliability for our region has never been higher, but at the same time we must pay the bills as they come due.
Kerl said the authority has taken budget- and rate-control measures for the past several years, leaving fewer options this year. Those actions have included front-loading savings on debt-refinancings.
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