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12-10-2013 Agenda additional
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12-10-2013 Agenda additional
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• <br /> EN HILLS <br /> MEMORANDUM <br /> DATE: December 10, 2013 <br /> TO: Financial Planning and Analysis Committee <br /> FROM: Kyle Howard, Finance Analyst <br /> SUBJECT: Utility Rate Update <br /> Background <br /> FPAC spent most of 2012 reviewing the City's Utility rates. At the end of 2012 the City Council adopted <br /> FPAC's suggestions on the modifications to the Utility billing system. As of January 2013 the new rates <br /> became effective. <br /> For 2013 the rates have followed FPACs forecast closely. The City has billed 3 times with the new rates <br /> and has received very few complaints about the new billing structure. As of 12/05/2013 the Water fund <br /> has collected 81%of the budgeted revenues, Sewer and Storm Water funds are running at 79%and 84%. <br /> Although we have stronger data to base a forecast on this year, than in prior years, we still do not have <br /> 100% clarity in 2013. This year staff has been working on correcting many issues that the old meters <br /> missed, mainly related to water leaks. With the new meters and software that the City implemented at the <br /> end of 2012 staff has been able to notify home owners of possible leaks. We are predicting that by the end <br /> of 2014 we should have better data to compare the rates against. This will allow the City to then rerun the <br /> forecast model and determine if the rates need to be adjusted further. <br /> As of the last billing the Sewer Funds forecast show's that it is running in the negative. This is largely due <br /> to the adjustments that were made to customer's bills along with some Capital Improvement Project <br /> changes. We are thinking that the fund should recover and return to a positive fund balance without <br /> changing the rate. However this won't be a certainty until the end of 2014 when we will have stronger <br /> data to forecast the fund balance with. <br /> Requested Action <br /> No Action Required. <br /> • <br /> 1 <br />
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