Because revenue needs were large, staff decided on a phased approach. They recommended increasing both water and sewer rates in each of the next three years. For the first fiscal year, water and sewer rates would each be increased by 15 percent; at the beginning of the second fiscal year, water rates would increase 10 percent and sewer rates 15 percent; at the beginning of the third fiscal year, water rates and sewer rates would each increase 5 percent. Table 6 below shows the results.
Net Assets is currently called Net Position.