File #: RES 2018-276    Name: Waiving April 1 Water/Wastewater Rate Increase
Type: Resolution Status: Passed
File created: 11/15/2018 In control: City Commission
On agenda: 12/13/2018 Final action: 12/13/2018
Title: A RESOLUTION WAIVING THE AUTOMATIC ANNUAL INCREASE FOR WATER AND WASTEWATER CHARGES FOR FISCAL YEAR 2019 EFFECTIVE ON APRIL 1, 2019.
Indexes: Rates and Charges, Resolution, Waiver, Water and Wastewater
Attachments: 1. RESOLUTION 2018-276-Waiving April 1 Water/Wastewater Rate Increase
Related files: ORD 2018-007, ORD 2018-037, RES 2020-029

AGENDA ITEM REPORT

TITLE:

title

A RESOLUTION WAIVING THE AUTOMATIC ANNUAL INCREASE FOR WATER AND WASTEWATER CHARGES FOR FISCAL YEAR 2019 EFFECTIVE ON APRIL 1, 2019.

 

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BACKGROUND:

The current water and wastewater rate structure provides for an automatic annual adjustment on April 1st of each year of the greater of 2.5% or inflation based on the consumer price index (CPI) published by the Bureau of Labor Statistics for the Miami-Fort Lauderdale Metropolitan Area. This resolution will waive the automatic annual rate adjustment for Fiscal Year 2019.

DISCUSSION:

The rate structure was designed to ensure current and future rates are sufficient to cover operating and capital costs.  After review, the Water and Wastewater Fund remains financially stable and is able to meet current obligations, mainly due to previous rate adjustments, coupled with savings in operating and capital costs.  As such, the Finance and Administrative Services Department is recommending that the City Commission waive the annual rate increase for Fiscal Year 2019. Ongoing monitoring of the Fund will ensure future financial stability.

RECOMMENDATION:

Staff recommends approval of this resolution.

 

FISCAL IMPACT: 

REVENUES:                     ($275,000)

EXPENDITURES:                     N/A

BUDGETED:                      No

NOTES: Water and Wastewater Fund - Water Sales Account 41-V34331 and Sewer Sales Account 41-V34351.