The Town of Ulster retained Walden in early 2020, to perform a Water System Utility Valuation by using three industry standard methods, including comparable sales, income and assets. Walden completed a Water System Valuation Study to support the Massapequa Water District’s decision-making regarding a potential acquisition of an adjacent private water system. The District’s interest in the system includes approximately 214 customers, six (6) wells, one (1) booster pump station, one (1) storage tank, water mains, approximately 400 hydrants, and service line connections. The engineering and water system assessment included a service area demand and production analysis in addition to a determination of costs. The Water System Valuation and Appraisal process included four (4) different methods as required by the District: Asset (Cost) Method; Income Method; Market (Comparative Sales) Method; and Rate Base Method. The Asset (Cost) Method utilizes Original and Replacement Cost information and the determination of Replacement Cost New Less Depreciation (RCNLD) values for the assets.