Each year, Council performs a water rate analysis based on past year budget performance and multi-year forecasts within the Water Works Maintenance and Operation Fund and Capital Reserve Funds. Money is transferred on an annual basis from the Maintenance and Operation Fund to the Capital Reserve Fund based on cost for various projects – water main replacements, necessary plant upgrades, equipment replacement, etc.
A potential water tower bond payment has been accounted for in previous water rate discussions. Once the USEPA announced the PFAS mandate in April 2024, the Village immediately began exploring multiple different sources of funding, including, but not limited to: principal forgiveness from various state and federal organizations, low interest state loans, class action settlement monies from 3M, Dupont, TYCO, BASF, longer termed bonds and water rate options.