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Page 4 of 5 <br />summarized in the table below. <br /> <br /> <br /> <br />As outlined, the WSMP identifies the needed financial investment over the next 20 years; <br />however, the current financial position of the water system enterprise fund is wholly insufficient <br />to address these needs in any substantial way. As such, it is likely that several strategies (e.g., <br />water rate and connection fee increases, grant funding, partnerships, etc.) will need to be <br />utilized toward improving the City's water system. <br /> <br />Funding <br />Two primary funding sources for the water system are new customer connection fees and <br />existing customer user rates. Approximately $22.3 million of the total costs identified in the <br />WSMP are associated with new customer connections. The City is currently conducting a <br />water connection fee study that will utilize the results of the WSMP to calculate and <br />recommend connection fee increases for City Council consideration. The remaining portion of <br />the total costs identified in the WSMP are associated with existing customers and <br />infrastructure. <br /> <br />The City has initiated a water rate study that will utilize the results of the WSMP as a <br />foundation on which to calculate and recommend to the City Council a water rate structure <br />Page 424 of 658