SUBJECT/RECOMMENDATION:
Title
Approve increases of residential and commercial Stormwater Utility rates by .50% per Equivalent Residential Unit (ERU) beginning October 1, 2017, October 1, 2018, October 1, 2019, October 1, 2020 and October 1, 2021 and pass Ordinance 9061-17 on first reading.
Body
SUMMARY:
Burton & Associates’ (BA) 2015 revenue sufficiency and financial forecast analysis showed that an increase of 1.25% was needed for fiscal year 2018 ($14.69). Due to project management and operating savings, Stantec Consulting Services’ (formerly BA) 2017 revenue sufficiency analysis shows the need for Fiscal Year (FY) 2018 can be reduced to $14.58, a .50% increase instead of 1.25% as approved in 2015, with additional .50% increases needed for FY2019 ($14.65), FY2020 ($14.72), FY2021 ($14.79) and FY2019 ($14.86).
Since the 2015 rate increases were passed, several significant flood control and water quality projects have been completed or are underway, including: Berkley Place Drainage, Jeffords St. Outfall, Hillcrest Bypass, Smallwood Circle, Woodlawn Terrace, Mango, Purchase of Clearwater Christian College, Sunshine Towers, Druid Rd/Allens Creek Storm System, Magnolia Outfall and East Gateway.
Individual projects will be presented to the Council for development approval