2030 Plan - Grand Strand Water and Sewer Authority

• Maintain an effective balance between long-term debt, asset values, operations
and maintenance expenditures, and operating revenues.
• Prepare annually a balanced two-year Operating and Capital Improvement
Budget, monitor on a monthly basis and report to Board of Directors and staff.
• Update the rate model each year with biennial rate increases generally in the
range of 3% to 5%, which provides financial security and maintains a rate
structure that is lower than most comparable utilities.
• Conduct long range financial planning to ensure organizational sustainability and
quality customer service.
• Maintain cash reserves to sustain short and long-term requirements related to
working capital needs, emergency needs, capital replacement and expansion, rate
stabilization, and risk management.
• Maintain financial integrity by auditing financial results and internal controls and
updating financial accounting policies and procedures on an annual basis.
Short Term Strategies/Goals
• Improve and maintain a systematic approach through life-cycle costing to aid in
the decision making process of repair or replacement of assets. Discuss ways to
incorporate this financial analysis into the Infrastructure Stability Attribute in
regards to a comprehensive asset management program.
• Maintain and improve our budget process to include the mission, goals and values
of GSWSA and of each department in the final budget document and distribute to
each supervisory level employee.
• Complete a comprehensive review of all measurements, including benchmarks
and dashboards within the industry. Review each of the Attribute measures and
begin collecting, reporting, evaluating, and taking action based upon appropriate
data.
• Educate supervisory employees in regards to financial strategies, budget process
and available financial data.
• Continue to evaluate interest rates on current investments to receive the best rate
available.
• Increase customer education in regards to rates and how they compare to other
local utilities to allow for more acceptance and consistency of expectations.
G. Infrastructure Stability
Core Strategies
• Establish a formal enterprise computerized asset maintenance management
system (CMMS) to include critical historical and operational data while meeting
independent departmental needs.
• Maintain and enhance assets at the lowest possible life-cycle costs and acceptable
risk using an asset repair versus replacement analysis.
• Research latest technology and implement new programs, equipment, and
processes where applicable to improve asset management.
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