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<br />VI. Storm Water Enterprise Fund (603) <br /> <br />Background: <br />The Storm Water Fund 603 will be implemented as a standalone enterprise fund starting the beginning <br />of 2024, and will be reported in the Financial Statements as its own fund. The City decided to add this <br />fund in order to identify and present separately all of the projects that relate to stormwater <br />management and infrastructure for ease of tracking and to closely monitor stormwater infrastructure <br />needs. Previously, all of the storm water CIP were expensed and recorded in the Infrastructure Capital <br />Project Fund 450. <br />Source of Funds: Starting in 2024, Fund 603 will be sourced by a stormwater utility fee that will be <br />added to the water and sewer bill, with an anticipated $500,000 in 2024. This set fee schedule will make <br />Fund 603 not only healthy but also provide sufficient revenues to account for the next ten years of <br />expenditures, as noted in the graph below. <br />Use of Funds and highlights: <br />• 2024 – Storm Water Projects - $150,000 <br />• 2024 – Street Strom Water Projects - $195,256 <br />• 2025 – Storm Water Projects - $92,000 <br />• 2025 – Street Storm Water Projects - $67,700 <br />• 2026 – Storm Water Projects - $61,000 <br />• 2026 – Street Storm Water Projects - $221,000 <br /> <br /> <br />