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<br />TUESDAY <br /> <br />NOVEMBER 24, 1981 <br /> <br />and to be financed by a UDAG grant of $3,090,000.00 and the City's contribution of <br />$150,000.00, is now estimated to cost $3,953,209.00 upon completion on January 29, <br />1982, with the City's net cost increasing (from ~150,000.00) to $863,209.00 which, if <br />taken from the Water Fund's surplus (as Mr. Edmonds proposed), would leave this fund1s <br />surplus balance at June 30, 1982 at an estimated $350,000.00. <br /> <br />.- <br /> <br />Also, by report dated November 24, 1981, City Manager Edmonds presented a projection of <br />surplus balances, in addition to the foregoing Water Fund balance, in the Sewer Fund and <br />the Sewer Bond Fund (the latter by report dated November 4, 1981), predicated on revised <br />estimates of revenues and expenditures within these funds, including the cost of interim <br />improvements to the City's Wastewater (Sewage) Treatment Plant which might be financed <br />in part by current revenues of the Sewer Fund and portions of surplus balances within both <br />the Water and Sewer Funds, with the remainder possibly incorporated in a bond issue deemed <br />necessary (at this time) to finance the proposed enlargement of the Wastewater Treatment <br />Plant. In summarizing this report, City Manager Edmonds concluded that the ".... Water <br />Fund and Sewer Fund are facing uncertain times and are involved with some complicated <br />considerations. To a large extent and in both cases, we are dependent on the whims of <br />Nature and some decisions by Henry County and the PSA. We do not believe that the Council <br />should raise water and/or sewer rates at this time, but we will be monitoring this situation <br />closely and will report to you appropriately". In addition, Mr. Edmonds noted that the <br />soon-to-begin preparation of the City's 1982-83 budget will enable him to assess more <br />accurately (and more currently at that time) the financial outlook for these funds, in that <br />not only will the impact of on-going water conservation and reduced water consumption on <br />revenue be better appraised but also a more definite pattern in operating expenses will have <br />been established. <br /> <br />- <br />