Water Board to Vote on FY 2019 Water Rate Proposal

May 22, 2018

The New York City Department of Environmental Protection (DEP) recently proposed increasing the New York City water and sewer rates by 2.36 percent to the NYC Water Board. Water Board rates are based on the cost of providing utility services and servicing outstanding debts that relate to water and wastewater assets.

The New York City Department of Environmental Protection (DEP) recently proposed increasing the New York City water and sewer rates by 2.36 percent to the NYC Water Board. Water Board rates are based on the cost of providing utility services and servicing outstanding debts that relate to water and wastewater assets.

According to the DEP, a rate increase will secure funding for the ongoing need to invest in system assets, buffer against risk in a changing interest rate environment, provide for cash flows and debt service coverage that support strong credit ratings and low borrowing costs, and satisfy the objective of moderating future rate increases. DEP estimates the average annual multifamily metered charge at 52,000 gallons will increase to $702 for FY 2019. This would be a monthly impact of $1.35 for a typical customer’s monthly bill.

The final hearing for a vote on the proposed increase will be held at 10 a.m. on May 31 at Spector Hall, 22 Reade Street.

Topics

More like this