The purpose of this project was to develop a preliminary revenueshed analysis to frame potential avenues to fund or finance projects that address excess phosphorus in Broadford Lake, located in Garrett County, Maryland. Revenuesheds, conceptualized by the University of North Carolina Environmental Finance Center (UNC EFC), seek to identify the full range of stakeholders that benefit from a healthy watershed. This approach expands the potential opportunities to implement projects that improve water quality. The revenueshed framework can be used to cultivate accountabilities for all that contribute to a problem and benefit from a solution. An important function of identifying the users and beneficiaries of a water resource is to promote new discussions and collaborations among state and local governments and other stakeholders. The boundaries for a revenueshed can be quite different from a watershed’s physical boundaries. A revenueshed extends to encompass the people that receive benefits from a water resource, which can include drinking water, flood control, or recreational opportunities.
For Broadford Lake, this approach considers who benefits from the lake having clean water. The revenueshed analysis could help partners assess various financing scenarios and the impacts of those scenarios on project selection. It could also help the partners determine whether other stakeholders should be at the table to develop the implementation plan. The unique characteristics of Broadford Lake’s situation present specific challenges in terms of financing the implementation of water quality improvement projects. This report highlights questions that need to be answered before (or during) developing a more detailed plan, and it lays out topics to investigate further to understand the most promising and feasible funding and financing strategies for Broadford Lake. Looking at the lake’s potential revenue is the first step that lays out what a more detailed implementation plan and accompanying funding and financing feasibility study should evaluate.
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