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  <br />Park project has been incorporated in the CIP as part of the Parks & Recreation department and <br />it is anticipated to be completed in 2023. <br /> <br />ENTERPRISE FUNDS <br /> <br />The City of Little Canada currently has two enterprise funds (Water Fund & Sewer Fund). Staff <br />has updated projections from the utility rate study that was prepared in 2020. The update <br />concluded that a 7.5% rate increases will be necessary to the water rates and a 4.5% rate <br />increase to the sewer rate in 2023. The rate adjustments are necessary in order to fund current <br />operations and capital needs in the funds. <br />Based on recent and ongoing needs for storm water improvements, it is proposed to continue <br />moving forward with the establishment of a Storm Sewer Fund. Funds for the establishment of <br />this fund are included in the 2023 Operating Budget. <br />CONCLUSION <br /> <br />With the many unknowns related to the future status of the Economy, City Council and staff <br />made significant efforts to minimize the increase to the 2023 Property Tax Levy while <br />maintaining the same quality level of services and programs and taking steps toward the <br />implementation of the City’s Strategic Plan. <br />We would like to acknowledge the contributions from City staff and members of the leadership <br />team or their contributions in preparing the Operating We would also like to recognize the time <br />and effort put forward by City Council members throughout the budget process. Together we will <br />continue to assure that the citizens of Little Canada get the best value for their tax dollar. <br />10