Nancy Neale, Manager, Watson & Associates provided a summary of the rate study explaining that the purpose of the Study is to identify all current and future water and wastewater system capital needs over the next 10 years, identify cost recovery options for capital, estimate future operating costs over the next 10 years and recommend new rates to recover the cost of the water and wastewater systems. Ms. Neale reviewed current rates, customer profiles and usage for each Ward as well as the capital needs for 2020 to 2030.
Ms. Neale advised Council that they need to consider the Capital Program, Operating Program, Proposed Water Rates, Proposed Wastewater Rates, and Water Financial Plan included in the Study. Ms. Neale mentioned that the difference between the Rate Study and the Financial plan is that the Rate Study is based on your budget where the Financial Plan has to be transferred to a Financial Plan document. Ms. Neale proposed that the current 2021 year rates need to be submitted, approved and put in place for the next billing cycle to meet licensing requirements.