Funding & Financial Planning
Financial planning is essential for lead service line replacement efforts, as it enables municipalities to estimate the cost of replacement, identify potential funding sources, establish realistic trimlines and budgets, and prioritize replacement efforts based on risk and other factors, ultimately leading to more efficient and effective lead service line replacement programs.
Note that communities receiving state or federal funds for lead service line replacements are required to finance both public and private side replacements.
Challenges
When planning financially for lead service line replacements, communities often are faced with already limited financial resources, having then to have difficult conversations about the significant upfront investment, competing demands for funding from other infrastructure projects and the potential for higher costs associated with the increased complexity.
B&W Solutions
Baxter & Woodman’s funding experts assist Communities with identifying and securing funding for their Lead Service Line Replacement Programs including grants, loans, rate assessments and Special Service Areas (SSA’s). Finding the right funding program or agency is often the key to success, especially when considering other capital improvement needs. We understand that not all funding sources are the right fit and that it is crucial for a Community to understand all of the pro’s and con’s associated with each funding source to properly make a decision. We currently are assisting Communities finance their Lead Service Line Replacement Programs with:
- Lead Service Line Inventory Grant (IEPA)
- Lead Service Line Replacement Loan (IEPA)
- With Principal Forgiveness for those who are eligible
- Water & Sewer Rate Studies
- Discussions on Cost Sharing with Customers