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The authority members are trying to build up the funds invested in order to be able to replace major equipment at the plant as it wears out.
They have approximately $50,000 in investments now, but $40,000 of that was left over from the original funds for building the system.
They plan a more thorough study in the next year, but estimate that equipment that will have to be re, placed in the next 15 to 20 years will . cost at least $400,000. At that rate they would need to set aside $17,500 per year, not counting interest being earned.
“If we don’t do something about building up funds to cover costs, v we’re going to leave the people who follow us a tremendous problem,” Chairman Gene Leggett said.
Mr. Estes said, “We have a $1.5 million physical plant, but a substantial chunk of that is truly depreciating. Gene and I are in agreement. It is our responsibility to put in place a fund to cover depreciation.”
“We need to look at each piece - and see what its replacement will cost,” Mr. Leggett said. “It’s a fair assessment that there will be changes, and that the changes will increase our costs.”
New member Mark Bailey agreed. “Pete’s absolutely right. We’re going to have a serious situation in 20 years,” he said.
“A 10 percent increase won’t do the job, but it’s a step in the right direction,” Mr. Estes said.
“Can’t we keep it at $15?” Mr. Johnson asked. “I hate to see it raise this much. The plant was put in with grant money for the low income pep1 pie of Sperry ville.”
“I hate to see it go up as much as anyone,” James Swindler said. “My family pays about 10 percent of thisi I don’t think we are putting it out of reach of the common man. It may be painful now, but it is a heck of a lot less painful than any alternative.”
“We pretty much promised thfc people of Sperryville we would keep it under $15,” Mr. Johnson said. “I believe we can do it for $15. You all have your opinions, and the majority will rule. ”
Mr. Swindler’s motion to increase the rate to $15.50 per month passed, and then a motion to adopt the budget passed unanimously.
91.8%