Shifting economic conditions and evolving funding dynamics are influencing how communities and utilities think about the future. While many of these factors are outside local control, being prepared is not.
Strong financial and organizational leadership is less about predicting what comes next and more about reinforcing the fundamentals that allow an organization to respond with confidence. Throughout this year, Bridging the Gap will focus on practical steps communities can take now to plan for tomorrow.
Here are five things utility leaders can start thinking about today:
- Start the conversation with elected officials, leadership, and the community. Education around level of service, costs, needs, benefits, and challenges should be an ongoing conversation. Public utilities and utility rate structures can be complex, and it is critical to build understanding and trust, not just around rates, but around services.
- Evaluate capital infrastructure needs and reserve policies. Utilities should regularly assess infrastructure needs, project replacement timelines, and align reserve policies with actual risk and asset lifecycle expectations. Well-defined reserves help utilities manage planned capital investments, absorb unexpected costs, and avoid sharp rate adjustments driven by reactive decisions or significant economic changes.
- Review routine maintenance schedules or create them now if they are not formalized. Schedules are busy – it is easy to push off routine maintenance, especially when equipment is operating fine. Prioritizing regular, planned maintenance will significantly extend the lifecycle of equipment and reduce the high costs of emergency repairs/replacements.
- Be ready when funding opportunities arise. While all grants and financial support programs have unique requirements, gathering key asset information in advance can save time and stress when it comes to meeting deadlines. Document capital needs with photos, data, and community impact. Regularly update and review this information to be prepared when opportunities reach you.
Bridging the Gap will continue to explore these topics throughout the year, offering insights to help utility leaders connect today’s decisions with tomorrow’s needs.
PRO TIP: Our annual Utility Rate Survey is now open. Taking the survey provides participants with insights, visuals, trends, and comparisons, invaluable assets to aid in utility rate discussions.