Agenda Packets - 1995/08/28 - Laserfiche WebLink

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* The first option is to changeout the current water meters, and install the most current meter reading technology of automatic phone reading. Option #1 Changeout of all meters to phone read Total cost of project : $830, 000 WAC Fund Contribution: $330, 000 Special Project Loan : $500, 000 07 interest loan, 12 years Projected Increased Revenue $31, 500 Possible meter charge / quarter: Residential - 5/8" $3 . 00 * Commercial - 1" $3 . 60 1 1/2" $6 . 00 2" $7 .40 3" $19 . 00 * Represents the percentage of cost of meter and installation over the residential 5/8"meter, with a starting fee of $3 . 00 . This scenario would produce $70, 381 toward an annual loan payment of $62 , 951 . The balance of the revenue could remain in the water fund for future projects, or future meter replacement. ** The second option would be to install new meters and phone, or radio read on all the commercial accounts, and install new meters and touch read on the residential accounts . This is somewhat of a lesser system, but will be a significant improvement in reading and billing. This system would also relieve the City of the problems related to scheduling meter readings, security risks of entering residences, incorrect readings, scheduling final readings when the customer is at home, and an enormous amount of staff time related to all of the aforementioned items . Option #2 Changeout Commercial accounts to phone read, residential to touch read. * (Commerical accounts may be touch read if applicable) Total cost of Project : $505, 914 WAC Fund Contribution: $305, 914 Special Project Loan : $200, 000 07 interest loan, 10 years Projected Revenue Increase $31, 500 Annual loan payment $26 , 613 Contracted Meter Reading $ 5, 880 (includes 4 readings) * 1995 Budgeted amount for contracted meter reading, $4 . 095 . Possible meter charge / quarter, potentially not necessary A meter charge is not necessary for the loan repayment, although Council may wish to initiate a charge to create a fund for future meter system upgrades, or system wide water related improvements, similar to the Vehicle and Equipment Replacement Fund. *** Staff wishes to clarify an earlier statement made in the newsletter. Stated in the newsletter, Sensus SR and SRII meter would be tested and not necessarily replaced, but retro-fitted. This statement was an error. Only SRII meters will be retro-fitted. The SR meters are approximately eight (8) to ten (10) years old, and will be replaced.