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<br />~ 1 <br />.. .<0" .l. <br /> <br />TUESDAY <br /> <br />JULY 8, 1980 <br /> <br />Account <br /> <br />Amount on Hand <br /> <br />Water Fund Surplus <br /> <br />$433,000 <br /> <br />Reserve for Encumberances <br /> <br />$357,000 <br /> <br />Total <br /> <br />$790,000 <br /> <br />It is proposed to utilize $690,000 of this amount, leaving $100,000 for other <br />requirements. <br /> <br />To fund the $940,000 required by the project will therefore necessitate an additional <br />$250,000 from future revenues. This fact, coupled with increasing water system <br />operating costs and newly instigated depreciation allowance requirements, will require <br />a water rate increase in the immediate future. A detailed study of the rate increase <br />required is now being finalized as a separate report. <br /> <br />SUMMARY AND CONCLUSION <br /> <br />Although this project will ultimately cost the City appreciably more than was <br />originally anticipated, as explained herein, it remains viable and extremely beneficial <br />to the community and its future. It promises a considerable increase in the tax <br />base and a substantial number of new jobs. It will enhance in an appreciable way the <br />overall operation of the water system as to dependability and fire protection. <br /> <br />It should be recognized, however, that the issue of acquiring an addition to the <br />raw water supply remains to be resolved. <br /> <br />- <br />