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May 10, 2013

New Albany sewer board retires bond early

Utility’s debt has dropped by $10 million in three years

(Continued)

NEW ALBANY —

The firm Crowe Horwath was hired to analyze the contract, and the city is awaiting a final determination. 

Wilkinson said the utility should be able to stand on its own without the EDIT pledge. 

“We’ve got ourselves in shape and we feel comfortable that we can pass that back” to the EDIT account, he said. 

Wilkinson emphasized the end of the EDIT pledge shouldn’t mean an increase in sewer rates. However he said the utility should consider a cost-of-living increase that would stave off a substantial rate hike. If the utility approved a small annual increase of about 2 or 3 percent for cost-of-living, the city could probably go another decade without implementing a sizable rate hike, Wilkinson said. 

But he added there’s no rate increase on the radar for the utility for at least four or five years. 

As for the subsidy, the New Albany City Council approved on initial readings this week spending $2 million of EDIT for paving this year. Councilman John Gonder said with the EDIT account being tapped for resurfacing, it’s even more important to have the subsidy removed from the sewer utility.

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