At its Oct. 28 meeting, the El Dorado Irrigation District Board of Directors approved a 2014 mid-cycle operating budget in the amount of $44.3 million. This budget reduces a previously-adopted rate increase of 11 percent for water services down to a 5 percent increase, effective Jan. 1, 2014. The previously-adopted rate increase for wastewater and recycled water services will remain at 5 percent effective Jan. 1, 2014.
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“This proposed reduction in rate increases for water services is due to expense reductions related to the early implementation of the Public Employees Pension Reform Act (PEPRA), which the employees of the district agreed to over four years early; the delay of the forecasted bond sale for specific significant long-lived capital assets; and continued diligence by staff to contain costs,” said Mark Price, EID’s finance director. The district will also continue to stay on course with the financial plan built within the 2012 Cost-of-Service Study.
Projected 2013 revenues are expected to be about $1 million higher than originally budgeted, while projected 2013 year-end expenditures are expected to be slightly lower than the adopted budget, approximately $575,000.
Price reported that the newly-approved 2014 operating budget is approximately $400,000 less than the previously adopted 2014 budget but is 1.1% higher than the 2013 adopted budget. For more information on the budget, visit the EID Website at www.eid.org or go directly to this link: http://goo.gl/YhBqJr.