GLWA approves fiscal year 2024 and 2025 budget, 2.75% rate increase for water
(CBS DETROIT) - The Great Lakes Water Authority approved the biennial budget for fiscal year 2024 and 2025, which also included a system-wide 2.75% rate increase for water and wastewater.
The rate increase is below the current 6.5% rate of inflation in the United States, according to a press release on Wednesday. The seven-year annual average charge adjustment is 2.2% for the water system and 0.9% for wastewater.
GLWA officials say the rate increase is a result of the overall FY 2024 budget increase of 4%, offset by increased investment earnings.
"Given historic operational cost increases and inflationary pressures on our capital programming, this year it was incredibly challenging to remain committed to the promise we made at our founding to keep our annual budget increase to no more than four percent in each of our first 10 years of operations," said GLWA CEO Suzanne Coffey said in a statement.
"Thanks not only to increased investment earnings, but also to the hard work and commitment of our GLWA team to the principal of affordability, we achieved our goal. I am grateful for everyone involved, including our team members, our member partners and our Board of Directors for their ongoing collaboration."
