Fund 02

Fund Description

The Water and Wastewater Fund is used to account for those operations that are financed and operated in a manner similar to private business enterprise, where the intent of the governing body is that the cost of providing goods and services be financed or recovered primarily through user charges.

Water and Waster Fund: To account for providing water and wastewater collection services to the residents of the City. All activities necessary to provide such services are accounted for in this fund, including, but not limited to, administration, operations, maintenance, financing, and related debt service and billing collections. All costs are financed through user charges to customers with rates reviewed regularly and adjusted if necessary to ensure integrity of the fund.

2022-2023 Enterprise Fund Financial Plan

In 2020, the City Council adopted a five-year utility rate plan. The rate plan implements water and wastewater rate increases over the five-year period. The rate plan takes into account future capital improvements, ongoing operations and maintenance, and debt service requirements. This financial plan also helps ensure that the Proprietary Fund's operating reserve meets the City's policy target of 25% of operating expenses. The rates increases for Fiscal Year 2023 are 2% for water and 12% for wastewater.