City Council approved TransAqua’s decision to move ahead with upgrades to meet stringent new regulations when it comes to wastewater treatment.
The new regulations will impose a capital investment estimated to be in the $90 million range to be compliant by 2020.
TransAqua General Manager Kevin Rice says there is a reserve fund of $37.5 million.
“Rates were raised back in 2008-2009 and since 2012 there was a commitment to raise them by $5 per year and we’re still sticking with that commitment,” says Rice.
He says the rate will be reevaluated in 5 years to ensure ratepayers are getting the best bang for their buck, while ensuring sustainable finances.
