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October 29th, 2006

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October 11th, 2006

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Proposed 9% Rate Increase for Water & Sewer

Proposed 9% Rate Increase for Water & Sewer

Jim Hoy

The bottom line of the proposed Cedar Key Water & Sewer District budget is an item following an asterisk. The line reads, "* Includes 9% water & sewer rate increase." However, proposed expense reductions were discussed at the August 27 semi-final budget workshop, including consideration of reducing salaries paid to Commissioner from $600 per month to $400 per month. If that suggestion is finalized the District would save $12,000 per year.

Anticipated District income of $800,876 includes $175,000 from property tax revenue. The remaining revenue comes from water and sewer charges and a surcharge of $48,600 for a special water purification system.

Expenses of $793,516 include $260,000 for salaries,$75,320 for employee benefits and approximately $139,000 for loan payments. Uncertainty about the cost of loan payments stems from the possibility of refinancing current loan payments of $152,110.

The District's financial advisors have been asked to re-evaluate a proposed consolidation of two loans into one at a slightly higher rate of interest, but spreading the payments over a longer time.

Perhaps the most unusual discussion at the August 27 meeting followed Commissioner Maurice Hendrix' suggestion of reducing each Commissioner's monthly pay from $600 to $400. That would result in an annual savings of $12,000. Hendrix's suggestion was approved of by Commissioner Dottie Haldeman, and further approved of by Commissioner Thelma McCain. However, by law, formal action by vote cannot occur until the public budget hearing September 11. A final budget workshop will be held September 10, at which time the details of the budget to be presented September 11 will be discussed.

At the September 11 Commission meeting salary reduction, loan status and the proposed 9 percent rate increase will be discussed and finalized.

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