Sec. 13-42. Annual review of water rates.
(a) In November of every year and in conjunction with the review of the annual budget, the Town Manager shall submit a report to the Board of Trustees concerning the adequacy of municipal water rates. The report shall, at a minimum, address the following concerns:
(1) An estimate of the total revenues generated by municipal water rates during the present budget year from all sources of revenue.
(2) An estimate of the municipal water revenues to be generated in the coming budget year.
(3) An estimate of the total expenditures incurred by the water utility during the present budget year.
(b) Based on the above-cited data, the Town Manager shall prepare a report which analyzes the adequacy of the Town’s water rates to meet the spending and savings goals for the next budget year. The Town Manager shall make a recommendation for changing water rates adequate to meet such spending and savings goals.
(c) Upon receipt of the Town Manager’s report, the Board of Trustees shall set municipal water rates to enable the Town to meet its budgetary goals for spending and payment to all reserve accounts. (Ord. 1312 §1, 2019)