(A) Effective October 1, 1998, the water service charges as set forth § 52.030 shall be subject to adjustment. The minimum change shall be the amount produced by multiplying the existing rates by the percentage increase (carried out two decimal places) in system expenses determined by the following calculation which shall be based upon the audit of the previous fiscal year as prepared by the Certified Public Accountant who shall have been retained by the city to prepare the audit for such fiscal year:
Water System | Current Year Y/E 4/30 | Previous Year Y/E 4/30 | Increases (Decreases) |
Water System | Current Year Y/E 4/30 | Previous Year Y/E 4/30 | Increases (Decreases) |
Water production expenses | |||
Water distribution expenses | |||
50% of administration costs | |||
Interest expense allocable to water system | |||
Depreciation expenses allocable to water system | |||
Amortization expense | |||
Total water system expenses | |||
A | B | ||
Percentage increases in system expenses for the year (B/A) | |||
The initial change shall be based on the difference between fiscal year 1997 and fiscal year 1998. If water system expenses decrease, the rates shall remain the same.
(B) Effective October 1, 1998, the sewer service charges as set forth § 52.030 shall be subject to adjustment. The minimum rate per 1,000 gallons in excess of 1,000 gallons of usage shall be the amount produced by multiplying the existing rates by the percentage increase (carried out two decimal places) in system expenses determined by the following calculation which shall be based upon the audit of the previous fiscal year as prepared by the Certified Public Accountant who shall have been retained by the city to prepare the audit for such fiscal year:
Sewerage System | Current Year Y/E 4/30 | Previous Year Y/E 4/30 | Increases (Decreases) |
Sewerage System | Current Year Y/E 4/30 | Previous Year Y/E 4/30 | Increases (Decreases) |
Sewerage production expenses | |||
Sewerage distribution expenses | |||
50% of administration costs | |||
Interest expense allocable to sewerage system | |||
Depreciation expenses allocable to sewerage system | |||
Amortization expense | |||
Total sewerage system expenses | |||
A | B | ||
Percentage increases in system expenses for the year (B/A) | |||
The initial change shall be based on the difference between fiscal year 1997 and fiscal year 1998. If sewerage system expenses decrease, the rates shall remain the same.
(C) Forthwith, upon receipt by the city of the audit for its prior fiscal year, the City Clerk shall obtain from the Certified Public Accounting firm preparing such audit the mathematical calculations herein set forth. Upon receipt of the calculation, the rate increase, if any, shall be determined by the City Clerk, posted in City Hall, announced at the next regular meeting of the City Council, and shall be further published in a newspaper in regular circulation in the city in an announcement which shall be not less than two columns in width and shall provide information as to the rates which shall be in effect on October 1 of that year.
(Ord. O-97-7, passed 6-16-97)