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i <br />~ ~ MWMC's Capital Assets <br />;; <br />(net of depreciation) <br />June 30, <br />2005 2004 <br />', , Land $ 7,812,696 $ 7,812,696 <br />~ Construction in Progress 4,157,258 6,612,352 <br />Buildings 29,720,175 31,258,006 <br />''! ~. Machinery and Equipment 25,736,188 23,755,130 <br />~ Other Assets 1,275,316 .1,360,172 <br />Total $ 68,701,633 $ 70,798,356 <br />Additional information on the MWMC's capital assets can be found in Note E beginning on page <br />17 of this report. <br />Economic Factors and Next Year's Budget and Rates <br />For the year ended June 30, 2005, the Comrnissian approved a 24% rate increase. The new rate <br />results in an average residential billing of $11.28 per month based on typical residential <br />consumption of 5000 gallons. The budget includes staffing increases and ramped up the annual <br />capital contribution to $3,000,000 in order to fund implementation of the Facilities Plan. The <br />~; <br />budget also reflects the early activities of a very large capital improvement program that will <br />span at least 15 years and is estimated to cost around $150,000,000 (in 2004 dollars}: MWMC <br />Iii, , <br />has been anted a loan from the De artment of Environmental ualit State Revolvin Fund <br />~' p Q Y~ g <br />and is now able to postpone issuing revenue bonds from the earlier projections. <br />- The FY 2005-06 budget reflects a .6% rate increase going forward. We are currently considering <br />'; a supplemental budget change to reflect 6 new employees at an .estimated cost. of $452K for the <br />remaining part of FY 2005-06 including computers and other one time equipment costs. It is still <br />~~, , - to be determined if this will change future rates. These are re-evaluated on a regular basis. <br />Requests for Information <br />I, '; This financial report is designed to provide our citizens and taxpayers with a general overview of <br />the f nances for those funds maintained by the MWMC and to show MWMC's accountability for <br />~ i ;; the funds it receives. Questions concerning any of the information .provided in this report or <br />requests for additional financial information should be addressed to: . <br />'', ~ Valerie Warner _ <br />Accounting & Audit Manager <br />City of Springfield <br />''' ~. ' 225 Fifth Street, <br />Springfield, OR 97477 <br />9 <br />