For Immediate Release
Nov. 17, 2023
Town of Wellington Board of Trustees Unanimously Approve Maximum General Fund Subsidy to Water and Wastewater Enterprise Funds.
At the Board of Trustees Regular Meeting on November 14, the Trustees unanimously approved allocating the maximum General Fund transfer to support ratepayers in the Water and Wastewater Enterprise Funds.
Enterprise funds may only receive up to 10% of the revenue received in the fund from taxpayer transfers, through the General Fund, under the Taxpayer Bill of Rights (TABOR). The total transfer will reduce the General Fund by $935,000 in 2023 and an estimated $1,066,000 in 2024.
This decision for the 2024 budget marks the Trustees continued support of the utility by approving the full legally allowable transfer from the General Fund. This decision will require reducing costs from General Fund services to support the rising costs of providing water and wastewater services.
Mayor Chaussee said, " This Board has worked tirelessly to address financial shortfalls that began before any of us were elected in an effort to minimize the impact to ratepayers moving forward. By adjusting the rate structure in 2023 to include essential water use, maximizing the General Fund transfer, and continuing to evaluate ways to lower costs for the utilities I am hopeful the rate will continue to be predictable in the future. Water and wastewater service is still an incredible value in Wellington, at less than .2 cents per gallon for essential use (3,000 Gallons).”
The Board of Trustees will continue discussing the finances of the utility along with the 2024 budget discussions. A planned 5% water and wastewater rate increase has been recommended for both utility rates and development impact fees in alignment with the water rate study completed in 2022. If adopted, rate changes would go into effect in January 2024.
Full meeting recording.