SUBJECT: Resolutions
Title
A Resolution Authorizing The Engagement Of Raftelis Financial Consultants For Completion Of A Water, Wastewater and Storm Drainage Rate And Fee Study; And Authorizing And Directing The Appropriate Town Officers To Enter Into An Agreement For Such Services
Body
DEPARTMENT: Finance
PRESENTER: Steve Felten
TIME ESTIMATE: N/A - Consent
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FISCAL INFORMATION:
Cost as Recommended: $65,810
Balance Available: $62,500
Budget Line Item Number: 500-70-110-560100, 510-70-110-560100, 520-70-110-560100
New Appropriation Required: No
STAFF RECOMMENDATION: Approval of resolution for entering into an agreement with Raftelis Financial Consultants to complete a water, wastewater and storm drainage rate and fee study.
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Town's municipal code requires the performance of a professional water, wastewater and storm drainage rate and fee study at least every five years in order to determine the adequacy of rates and fees charged. Bond covenants on the various enterprise fund debt issues also require periodic studies to ensure rates and fees are set at levels as specified in the covenants. The Town's last rate study was performed in 2013 (completed in 2014). In response to that study, the Board established new water, wastewater and storm drainage rates for the period 2015-2019. The last increase in rates pursuant to that ordinance went into effect on January 1, 2019. As a result, in accordance with policy and pursuant to various bond covenants, it is time to perform a new rate study for rates to go into effect beginning January 1, 2020.
As the Town continues to grow, expansion of its water, wastewater and storm drainage systems are required to support new businesses and residents. The Town has historically taken steps to ensure that it has adequate water supplies and the necessary treatment plants and related infrastructure to supply the utility needs of all residents and businesses. Town staff continue ...
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