Although not mandated by statute, the Board of Commissioners of Lakehaven Utility District has charged management with the preparation of an annual budget document showing the planned expenditures for the coming year, as well as the sources of revenue to pay for them. A budget provides a framework for financial planning, control and evaluation of the District's performance. It is the detailed roadmap that shows how the elected body and their agents plan to use the limited financial resources at their disposal to fulfill the District's mission during the upcoming year.

At the November 20, 2003 Board meeting, the Lakehaven Utility District Board of Commissioners approved a $37.0 million expenditure budget. This is a 3.4 percent decrease from last year's budget of $38.6 million. Most of that decrease comes as a result of a reduction in the planned level of capital expenditures. Operations and Maintenance spending is expected to increase by 3.7% during the upcoming year.

2004 we are anticipating $23.6 million in revenue. Existing water and sewer rates account for about $18.9 million of Lakehaven's revenue. In the Fall of 1999, the Board of Commissioners approved an 8 percent rate increase as a result of the utility rate study performed that summer. This increase was calculated to cover our needs for the following three years. In the Fall of 2003, the Board of Commissioners again approved holding the existing rates steady at the year 2000 levels for a fifth straight year. The Lakehaven Board is committed to keeping rates as low as sound financial planning will allow.