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A sinking fund is an account where money that is received prior to a payment is set aside to make future loan payments or retire debt. We are proposing a sinking fund so that the loan is paid off before another plant is needed. The goal is to avoid stacking debt.
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Yes, Town staff are actively pursuing every available option at both the state and federal level. Senator Michael Bennet and Congressman Joe Neguse have committed to provide letters of support for future grant opportunities.
The ballot initiative created through the citizens' initiative process outlined the use of potential tax. “Sec. 15-40 Purpose of tax. The Board of Trustees hereby declares that the purpose of the levy of the Retail Marijuana Sales Tax imposed by this Article is for raising funds for the construction of a new community or recreation center, and/or other general operating expenses as may be designated instead by the Town on an annual basis.”
An Enterprise Fund supports expenses through the revenues generated by providing the service, like a private business enterprise. The cost of providing water and sewer services to utility customers is recovered or financed through charges to the users of these services. Although this fund operates like a private business enterprise, there is one key difference - it does not generate any profits. All revenue received goes to pay expenses. Balances in any account are utilized to meet current or future financial requirements.
YES! The Town has slowed growth from a 5-year average of 229 permits per year to an average of 100 permits per year until the new plants are online.
An impact fee is a one-time payment imposed by the Town on a property developer. The fee is meant to offset the financial impact a new development places on public infrastructure. Public infrastructure includes roads, schools, parks, recreational facilities, water and sewerage, among other services.
Growth is currently being slowed to 100 permits per year to ensure there is a balance between needed funding and the ability to meet demand. The wastewater treatment plant expansion will service a population of approximately 25,000 and is estimated to come online in early 2024.
The wastewater treatment plant is currently at its built-out point, meaning it has lasted as long as it was supposed to last. The expansion is needed to meet compliance for current residents while also planning for future growth. New regulations imposed by the State of Colorado cannot be met with the capability of our current plant leading to needed improvements to continue operation for both current and future members of the Wellington community.
We would still need an expansion. The regulations set by State and Federal regulatory agencies are becoming more stringent and our current plant cannot treat wastewater to the upcoming standards. The project would look slightly different if future growth were to stop completely. However, rates would increase even further for current residents if growth were to end completely because impact review would drop to zero.
There are seasonal peaks, weekly peaks, and daily peaks. You can make a difference by using the water and sewer system off daily peak hours (9-11 a.m.) (5- 9 p.m.). When everyone uses water at the same time, the system is taxed as it begins operating toward maximum capacity. The growth rate is currently being slowed to handle the capacity for the next 3-5 years until phase 3 comes online in 2024.