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Notice to Landowners re Parcel Tax Increase|:
On June 14, a third Landowners’ Meeting was held to discuss the necessary replacement of a Yake Road waterline being installed and its costs. These costs have been approved by the attending landowners in three meetings: initially for $20,000 to get to construction, then $35,000, then an additional $33,000…this last amount approved on June 14.
The total amount is $88,000 with RBC for a 15-year loan, currently at a variable rate. Both the borrowing and the additional tax to be levied were discussed at the meeting and agreed upon by those attending.
The parcel tax component of our September invoice will be $186.00. Our 2018 parcel tax, given no other changes, will also be $186.00 for the January, May and September invoices.
We pay for our two long-term loans with our parcel tax:
– Loan A: $400,000 $156.00 per invoice
– Loan B: $ 88,000 $ 30.00 per invoice
Fortunately, our primary long-term commitment (20-year $400,000 loan) will be completed at the end of 2018. We can then expect parcel taxes to be reduced for 2019.
Trustees, Fanny Bay Waterworks
July 16, 2017
Parcel tax update: June 14, 2017
FBWW will be installing a needed new waterline at the end of Yake Road, going to Station Road. We have had three Landowners’ Meetings to date for this project. The projected costs at this time are $88,000 to completion. Borrowing Bylaws has been approved by the attending landowners to match this cost.
This has necessitated an additional increase in parcel tax which will be seen in the September billing. Our parcel tax will increase by $30 over the 2016 rate. Parcel tax for September 2017 will be $186.
Fortunately, our primary long-term commitment (20 year/ $400,000) will be completed at the end of 2018. We anticipate parcel taxes to be reduced at that time dependent of course on our capital needs.
Response to concerns regarding increased rates
Response to criticism of Fanny Bay Waterworks rate hikes, our objectives are:
– increase revenues to cover the cost of delivering high quality drinking water
– encourage water conservation by introducing a graduating price increase for heavier water users
In closing, we are passionate about our responsibilities, and strive to deliver high quality drinking water at the lowest possible price.
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Fanny Bay Waterworks Board of Trustees