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ProposedRates
<br />as contained in Section 2 of this report.However, the reserves still fall slightly below
<br />the policy goal by the end of2024.
<br />-
<br />
<br />
<br />Year
<br />20202021202220232024
<br />Beginning Balance $14,881,922 $12,714,089 $11,276,570 $9,656,649 $8,924,464
<br />Plus Change in Net Position 1,066,189 988,946 (12,222) 154,706 183,624
<br />Plus Depreciation
<br /> 3,030,678 3,182,035 3,685,551 3,799,110 3,894,243
<br />Plus Bond Proceeds
<br /> - 11,250,000 - - -
<br />Less Capital Improvements
<br /> (4,540,700) (15,105,500) (3,406,750) (2,854,000) (3,332,200)
<br />Less Loss of Revenue Pmts
<br /> (800,000) (800,000) (800,000) (800,000) (800,000)
<br />Less Debt Principal
<br /> (924,000) (953,000) (1,086,500) (1,032,000) (966,000)
<br />Ending Balance $12,714,089 $11,276,570 $9,656,649 $8,924,464 $7,904,131
<br />Reserve Goal $7,362,998 $8,212,108 $8,099,589 $8,136,525 $8,275,657
<br />Reserves as % of Goal 173% 137% 119% 110% 96%
<br />(1)1.5% rate increase each year from 2021-2024.
<br />-17-
<br />175
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