Attention all residents living in CDD 9, 10 and 11

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  #1  
Old 12-15-2019, 09:06 AM
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Default Attention all residents living in CDD 9, 10 and 11

Please attend the NSCUDD board meeting this coming Thursday morning at 9 AM in the District Office at Lake Sumter to hear the discussions on what your water rates will be in years 2020 through 2021. Rates will change as NSCUDD purchased CSU from the Firm. You will be given the opportunity to make comments at this meeting.

more details are found here on the district web site under NSCUDD
Coversheet

Please note the following in the coversheet
" and an annual rate adjustment of 2.50% for the next ten (10) fiscal years. "
" The proposed rates outlined in the attachments have been presented to the rating agencies and potential bond holders as anticipated approved rates."

Last edited by twoplanekid; 12-15-2019 at 09:15 AM.
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Old 12-15-2019, 12:33 PM
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Someone can do the math but since the 2.5% increase is based on the previous rate (not today's rate) that could be closer to a 30% - 33% rate increase at the end of the 10 years (based on today's rate) or am I wrong? Also, nothing in there that the increase can't be changed but that should be expected.
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Old 12-15-2019, 02:00 PM
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Two Plane Kid...You are a supervisor?

Good on you.
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Last edited by graciegirl; 12-15-2019 at 02:59 PM.
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Old 12-15-2019, 02:19 PM
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Quote:
Originally Posted by JoMar View Post
Someone can do the math but since the 2.5% increase is based on the previous rate (not today's rate) that could be closer to a 30% - 33% rate increase at the end of the 10 years (based on today's rate) or am I wrong? Also, nothing in there that the increase can't be changed but that should be expected.
Actually & mathematically it's just a fraction over 28% increase over the next 10 years, if you believe that there will be no other increases or issues to affect the costs & pricing.

There is little to be accomplished as the bureaucrats running things only will put out enough information or provide answers to sell their ideas/goals/policies and not enough for the elected officials to make an informed decision. With the exception of Rick-CDD10-TwoPlaneKid, none of the rest of the elected supervisors on the NSCUDD board do little more than nod their heads and rubber-stamp what's put in front of them.

This is exactly how Sumter County got to the position it was in to get a 25% tax increase. Thinking this utility will be any different in a few years if the current conditions continue is foolish thinking.

Was buying CSU the right decision, yes definitely, was the process transparent and forthright, hardly so, was the price good, just, and fair, we will never truly know. The valuations performed by both companies representing the seller and the buyer were extremely thin on content but not on pricing, and yet the bureaucrats and supervisors were able to not only decide but justify to themselves the borrowing of nearly $100 Million with them to purchase CSU.

Keep up the hard work TwoPlaneKid, you're swimming against the current but given enough rocks in the water the course of the stream can be changes.
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  #5  
Old 12-19-2019, 08:29 PM
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my statement today to the NSCUDD board that is now on record.

I understand that the NSCUDD board must set rates for the CSU operation. With our pledge to the public to do better than a private company making profits, we, the board should be very careful on how we establish a rate structure. As I am told that the CSU operation will be a separate entity unto itself, the rates we use for it may differ from our other operations. Thus, I was disturbed last Friday to see on the agenda a proposed rate increase of 2.5 % compounded for 10 years for CSU even though Kenny mentioned in the October and November meeting that it’s what he would propose. It’s one of those approve it or your wrong items where the board has few if any options.

In the CSU Purchase Public Interest Determination presented to the board on September 18th of this year, the following was stated as positive impacts on the purchase of CSU by a public entity such as NSCUDD:
1. The District believes its existence as a government entity also provides for the sustainability of delivering services at more reasonable rates and service than a private entity can provide over the long term ownership.
2. These advantages would allow the District to eliminate or reduce certain costs incurred by a private utility.
3. The District would not have a profit motive as with a private utility. The District would strive to keep costs as low as possible in order to avoid rate increases.

We purchased CSU from a firm that certainly operates to make a profit. The rates they charged would I assume give them a profit in its operation. Thus, those same rates should give NSCUDD a positive balance in year one and maybe for a few additional years.

As I live in CDD 10, I looked at my water and sewer rates starting in February of 2015 thru November of 2019. In that almost 5 year time period, my water and sewer rates went up almost 2 %. Let’s double that and say for ten years it might go up 4%. Does anyone on the board know what a rate increase of 2.5 % compounded over 10 years would be? It would amount to almost a 28% increase.

I am told that in 33 years the CSU rates will be lowered when the Bonds are paid off. That sounds reasonable yet I question whether those promises will be remembered by those still alive 30 years from now. In the meantime, we grin and bear it?

It seems that everything is tied to the repayment of Bonds needed to purchase CSU. If the previous owner charges a certain amount while making a profit, what has changed to make us need to increase charges to his same customers? We would be using the same equipment and personnel to provide the same level of service. The bonds we need are of course dependent of the price we paid for CSU. Maybe a price too high?

As a member of the board, I have not seen projected numbers that forecast our financial operation of CSU to help me determine what rates we may need to charge in future years. I am looking forward to the budget process we go through in 2020 to accurately provide the revenue needs of CSU. Until that budget review time, I find it difficult for me to vote for any increase in rates before day one of our operation of CSU. At this time, I would ask other board members to express their opinions on this rate increase and comment on my uneasiness that it’s breaking a promise to have more reasonable rates than a private entity and to try to avoid rate increases.
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