CIP FY 24-28 9-7-23 FINAL Version - Flipbook - Page 22
Capital Improvements Plan
Stormwater Utility Fund
The funding source primarily supports projects related to the enhancement and enlargement of the
City’s stormwater infrastructure. To finance these vital initiatives, monthly stormwater utility fees
are collected from every parcel within the City.
One of the primary purposes of the Stormwater Utility Fund is to support capital projects aimed at
improving stormwater management. These projects may involve the construction of new stormwater
facilities, maintenance of existing systems, and the implementation of stormwater best management
practices.
The revenue projections for this funding source are based on the current estimated revenues for FY
22/23, with a steady 3% increase anticipated in FY 23/24. However, with new Eustis subdivisions in
progress, a 3% annual increase is projected from FY 25 to FY 28.
To accommodate inflation and the rising costs of commodities and services, an expenditure increase
of 5% is factored in for FY 23/25, while a 3% increase is accounted for in FY/26/28.
By diligently planning and allocating resources, the City aims to enhance its stormwater infrastructure to meet the needs of its growing community, while prudently managing the associated costs to
ensure long-term sustainability and resilience.
Stormwater Funding Analysis:
Over the upcoming five-year period, the total estimated cost of projects is $1,535,000 and the ending
fund balance is projected to be $66,853 . Despite the current fund balance, the City recognizes the
need for sufficient resources to accommodate future projects effectively.
To ensure the successful implementation of all planned projects, the City is considering raising
stormwater rates. Notably, the stormwater rates have remained unchanged since the year 2000,
with the current rates standing at $6 for residential properties and $12 for commercial properties.
During the fiscal year 23/24, the City will embark on an extensive examination of Water, Wastewater,
Stormwater, and Water and Sewer impact fee rates. To ensure transparency and objectivity, an
independent consulting company will be entrusted with conducting the rate study.By taking these
responsible actions, the City seeks to secure the necessary funding for upcoming projects while
ensuring that any adjustments to water and wastewater rates are fair and well-informed. The results
of the study will play a pivotal role in facilitating sustainable growth and development, enabling the
City to effectively meet the needs of its residents and businesses in the years to come.
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