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���������ֳ�' ‘neutral’ outlook for the water and sewer sector reflects an operating environment for the upcoming year that is generally stable relative to 12 months prior. Most utilities fared well and absorbed the inflationary shocks of the prior years and have now adapted to the "new normal" operating environment that includes higher costs for supplies, personnel, and contractors relative to pre-pandemic years. Utilities' budgets reflect more normalized rates of increase for operating expenses, but capital budgets have continued to rise, which will likely be sustained into 2025.