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Regular City Council Meeting
Resolution - Finance:
Consider a resolution amending the schedule of drainage charges by decreasing the rates.
Storm Water has historically had a significant amount of debt that was issued for large drainage projects in the City of Lubbock. Some of the debt has matured and is being paid off, so there is room in the financial model to reduce the storm water rates. The proposed reductions are as follows:
Current Rate Per Month
Proposed Rate Per Month
Current Rate Per ERU per Month
Proposed Rate Per ERU per Month
ERU - Equivalent Residential Unit which is defined as five thousand, seven hundred (5,700) square feet of impervious area of a single property
Section 552.045 of the Texas Local Government Code requires that a public hearing be held prior to the Storm Water rates being adopted by the City Council. The public hearing was held prior to consideration of this resolution. Notice of the public hearing was published in the legal notices section of the Lubbock Avalanche Journal on three occasions: Thursday, August 8, 2019, Thursday, August 15, 2019, and Thursday, August 22, 2019.
The decrease in rates will decrease revenues in the Storm Water Fund by approximately $3.2 million when compared with re-forecasted FY 2018-19 revenue.
D. Blu Kostelich, Chief Financial Officer
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