Erie Water Works customers listen up, because you’re rates will most likely be going up coming 2020.
Raftelis Financial Consultants, Inc., an independent consultant, is currently doing a study of what the rates will look like over the next five years.
Different factors in the study include future expenses, debt cost, system improvements, and inflation.
According to the CEO of Erie Water Works, over the next five years there could be a 25 to 30 percent increase toll.
“They basically charge what we need to cover our costs. We don’t make a profit if there’s a surplus. Anything at the end of the year is rolled back into the system, so our customers can rest assured any money that comes back is used for the water system, and is exclusively used for the water system,” said Paul Vojtek, CEO/Chief Financial Officer, Erie Water Works.
Rates are required to be re-examined in 2024.