On Tuesday the Vero Beach City Council is expected to approve a set of water, sewer and irrigation water rate increases spanning the next five years to help pay for the new $164-million One Water plant and increased utility operational costs.
The slate of rate increases approved and recommended by the Vero Beach Utilities Commission earlier this month is necessary to show bond agencies that Vero will have sufficient revenue to pay off an estimated $125 million borrowed to fund construction of the new plant at the Vero Beach Regional Airport. The balance of the project cost is being funded by state and federal grants.
Once the proposed rate increases are fully in effect in 2030, the typical customer using 4,000 gallons of water per month will be paying up to 47 percent more compared to today’s rates. The combined average water/sewer service that now costs $83 per month will increase to $122 in 2030, bumping up $10 or $12 per year with a final increase of $5.77 in 2029-30…