#PalmerLake’s major financial issues likely leading to #water rate increases — The Tri-Lakes Tribune

Palmer Lake via Wikipedia Commons

Click the link to read the article on The Tri-Lakes Tribune website (Breeanna Jent). Here’s an excerpt:

Palmer Lake water customers will likely see their bills increase in the near future as the town looks to boost revenues to its self-sustaining water enterprise, which is projected to have inadequate funding in 2023. “Inadvertent” incorrect billing of 15 water accounts and the town’s failure to increase water rates by 3% annually starting in January 2020, as stipulated by a 2019 town resolution, have caused the budget shortfall, according to administrative and financial documents. Staff are now “working on the issues” and will “bring options to the (Board of Trustees) to consider,” Deputy Town Clerk Julia Stambaugh said by email this week…

Stambaugh reported in a Sept. 29 town memo the water account billing issues had been resolved. It was unclear how long the town had incorrectly billed the water accounts in question. But now, ballooning loan repayments upcoming in 2024 and the “significant rise” in the cost of materials for infrastructure mean the town’s water fund won’t have enough money in its projected 2023 budget, finance documents show.

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