The 10 Year Plan is an outcome of the Strategic Plan and is updated annually as part of the budget preparation each year. Year 1 of the revised Plan becomes the budget for the upcoming year, and the Plan is extended a further year.
The 2024 Budget and the Revised 10 Year Plan for 2024-2033 were approved by the trustees on February 21, 2024.
DEVELOPING THE 10-YEAR PLAN
After making major investments in a new Reservoir tank and water treatment infrastructure through Project Blend, the trustees realized that a better understanding of the full scope of business and financial risks faced by SPWD over a longer period was required. In February, 2018, the Trustees approved the first 10-Year Plan for the District. The Plan included expected inflation, projections of non-routine maintenance expenses and capital improvements.
Summary
- A comprehensive review of SPWD infrastructure and the physical and business risks facing SPWD risks was carried out.
- The output from this assessment was used to determine future major investment assumptions.
- Combining expectations of these major capital and non-routine operating investments with routine operating costs and inflation allowed the development of a 10 Year Plan to guide financial decisions.
- The plan provides guidance on current and future levels of water tolls and parcel taxes required to bring revenue in line with expenditures and ensure there are funds available to fund investments without the need to borrow funds.
- A philosophy for the appropriate level of financial reserves was established and target range was determined.