In 2018 the Terrebonne Domestic Water District’s Board of Commissioners began a project to eliminate the district’s outstanding debt.
At that time, the district’s outstanding debt was about $1,000,000. The district had accrued this debt from a major upgrade to the district’s infrastructure in 2000 and was scheduled to pay off the loans in 2033. The Commissioners realized that the loan payments were a disproportionate part of the district’s budget and were unsustainable if the district was to have any hopes of upgrading existing infrastructure.
In 2019 the Commissioners implemented four directives to address the outstanding loans with a goal of paying off the loans by the year 2025:
- Halt all planned new infrastructure upgrades and move to a repair only status.
- Review the district’s land assets and sell any properties that have no further use to the district.
- Institute a debt service fee of $5 to each customer’s monthly bill with all funds going toward debt reduction.
- Direct all extra funds the district takes in to debt reduction.
Now, after only three years, the Board of Commissioners is proud to announce that we are now debt free. Thanks to the hard work of Dan Bruce the district manager, the Board of Commissioners and the citizens of the district, the debt service fee is being eliminated and the district is again on sound financial ground.