Orange County NC Website
Browse       Search
2 <br />REPORT TO THE ORANGE COUNTY BOARD OF COMMISSIONERS <br />AUGUST 18, 1992 <br />FY 93 Budget. <br />The new budget recently adopted by the Board of Directors anticipates FY 93 operating <br />revenues of $11.7 million dollars. Expenditures for operations, debt repayment, and capital <br />facilities total $15.3 million dollars. The Authority will spend $3.6 million from capital <br />reserve funds.. Total operating expenses are budgeted at $6.9 million, with an additional $2.2 <br />million for debt service. Including income from availability fees and interest earned on <br />mandatory reserve accounts, the Authority will expend $6.2 million dollars on capital <br />improvements projects during FY 93. A summary of the capital program is included as <br />information under separate cover. <br />In order to keep up with rising operating costs and to provide additional field staff for <br />improved sewer line maintenance, the Board adopted a rate increase of 4 percent, effective <br />November 1. Capital project needs during the 5 -year CIB period total approximately $30 <br />million dollars, and include major expenditures for the water and wastewater treatment <br />plants, University Lake Dam improvements, and the Bolin and Booker Creek sewer <br />interceptors. During the Board's budget and rate deliberations, staff presented financial <br />forecasts on capital improvement costs indicating the need for recurring annual rate increases <br />of 6 percent to raise the equity funding and debt service for a proposed $5 million bond <br />issue. <br />Cane Creek Recreation Area <br />The Cane Creek Recreation facilities are under construction and scheduled for completion by <br />mid- October. The lake contains a large number of healthy bass and other species ready for <br />excellent fishing by the public. In developing this project, we've had the experience of <br />navigating Orange County's development review process. I'm pleased to say that OWASA <br />staff reports have been positive, and that County staff have cooperated with OWASA in every <br />way possible. We look forward to opening the Cane Creek recreation facilities this Fall. <br />