2015 Water Rate Review - by Econics
The final copy of "2015 Water Rate Review" Report, as prepared by Econics, was adopted by the Board of Trustees at a Special Board meeting of July 23, 2015.
GEID Trustees & Staff would like to thank J.P. Joly from Econics, who worked tirelessly with Staff to prepare the Rate Review. This was a comprehensive, detailed review of all components that relate to rate structures and pricing.
During the Review, Mr. Joly and District Staff studied a large quantity of 2014 data for each category. The data included number of units serviced, volumes & flows, water quality requirements, and servicing requirements (i.e. Max Day & Max Hour Capacity). Data had to be disseminated into Metered and Non-Metered categories, and extrapolations made to estimate the unmetered volumes. Revenues and Expenditures were evaluated, and assessed into categories to determine the cost of service. Growth and Inflation were factored into the assessments.
In Open Meeting of July 23, 2015, the 2016 Proposed Rates were presented to the Trustees, as well as a forecast for the next few years. Mr. Joly cautions that the forecast has used assumptions regarding the number of meters to be installed in the next few years, which could impact the long term financial outlook. He recommends that the District’s Plan be reviewed annually and adjustments should be made to the rates each year, based on the new data.
About Econics: Econics is a company from Victoria, BC, who are water sustainability specialists. They work with provincial governments, local governments, utilities, and other organizations. They specialize in governance, policy, demand management, utility rate setting, community engagement and source protection. GEID Staff appreciate their tenacity and professionalism in providing such a comprehensive and readable report.
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