SUBJECT:
Title
PUBLIC HEARING: A Resolution of the Town Council of the Town of Erie Providing for Supplemental Revenues and Appropriations for the 2025 Budget Year
Body
DEPARTMENT: Finance Department
Department
PRESENTER(S): Sara Hancock, Finance Director
Cassie Bethune, Budget & Fiscal Manager
First Name Last Name, Title
TIME ESTIMATE: 10 minutes
only required for non-consent items
STAFF RECOMMENDATION:
Recommendation
Adopt supplemental revenues for the Water and Storm Drainage Funds for the 2025 budget.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
On Dec. 10, 2024, the Town Council approved the proposed water rate and tap fees for 2025. Because this process was delayed for additional discussion, the 2025 Budget was adopted with revenues for the Water Fund and Storm Drainage Fund using the 2024 rates and fees. This was done to ensure a stakeholder roundtable was held and to develop innovative ideas of how to implement the tap fees without significant impact on the development community.
As a recap, below is the timeline of staff time and Council meetings which led to the adoption of the 2025 rates and fees on Dec. 10:
• November 2023 - Rate Study initiated by Town staff with consultants, one year early
• Aug. 20 - Initial Tap Fee Discussion (Study Session)
• Sept. 17 - Initial Water Rate Discussion (Study Session)
• Sept. 24 -Ordinance to Amend Fee-in-Lieu of Water Dedication & Water Tap Fee
• Oct. 22 - Council Considered Tap Fee Increases (Regular Meeting)
• Oct. 22 - Council Considered Water Rate Increases (Regular Meeting)
• Nov. 12 - Council Considered Town Budget and Fee Schedule
• Dec. 3 - Roundtable with Community Stakeholders
• Dec. 10 - Council meeting to approve fees
This resolution amends the 2025 budgeted revenues for the Water Fund and Storm Drainage fund using the adopted 2025 rates. This has no impact on the operating or capital budgets for either fund. Revenues will be updated for 2025 in the budget as follows:
|
Fund |
Water Fund |
Storm Drainage |
|
2025 Adopted |
31,285,800 |
1,959,809 |
|
2025 Supplemental |
39,549,310 |
2,068,163 |
|
Net Change |
8,263,510 |
108,354 |
With the 2025 rates and fees approved, the debt issuance and cash-funded project costs are sufficiently funded, but please note that the Water Fund supplemental revenues do not include an anticipated bond issuance for the Water Treatment Plant, which is currently under design. Staff will confirm Council wants to proceed with the Water Treatment Plant construction after Council has had study sessions on water issues and on the Comprehensive Plan, and updated the Comprehensive Plan if Council concludes that is necessary. After that, and once we are closer to issuing the bonds, we will amend the revenue budget again to include the bond proceeds.
COUNCIL PRIORITY(S) ADDRESSED:
ü Effective Governance
ü Fiscally Responsible
ATTACHMENT(S):
1. Presentation
2. Resolution