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<br />Fund Outlook: <br />The fund includes the debt service payment for the public works facility. Initially the debt service <br />payment was structured to be financed through a tax levy. Since the tax levy has been eliminated there <br />has been a major shift in the financial burden to the Water (Fund 601) and Sewer fund (Fund 602), since <br />transfers from these funds are the main source of revenues for the Water/Sewer replacement fund <br />(Fund 604). It is essential that the City will closely monitor the Water and Sewer fund to ensure that it <br />can continue to finance the Water/Sewer replacement fund to meet its capital infrastructure needs and <br />the future debt service payments. The debt will not be retired until 2034. It is currently projected that <br />an increase of 6.5% in utility rates in 2024 would be needed in the water and sewer funds in order to <br />fund the operations, debt service, and capital outlay. The water tower is scheduled to be painted in <br />2034 which is the large expenditure. <br /> <br /> <br /> <br /> <br /> <br />13