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The budgeted PaymentinLieu of Taxes (PILOT) amount for 2024 is $1.988million. PILOT <br />is comprised of $1.724millionbased off4% ofthe City ofElk River sales calculationand <br />$264,000 in donated utilities and labor.Thispreliminary projection will change when <br />revenue is budgeted for next month. <br /> <br />2. Water Department Expense Budget – The 2024 budget for water expenses is a 4.4% <br />increasecompared to the current year’s budget. It is noteworthy that the 2023 forecast <br />for expenses is a 1.7% decrease compared to budget. Most notable increases are <br />maintenance of water mains and electric & gas utilities (due to increased electric costs <br />at wells). <br /> <br />ATTACHMENTS: <br />Preliminary 2024 Electric Expense Budget <br /> Preliminary 2024 Water Expense Budget <br />______________________________________________________________________________ <br />Page 2 of 2 <br />63 <br />