The city's water board voted on Friday in favor of a 14.5 percent increase in the price for tap water.

The hike will cost a single-family homeowner about $700 to $800 a year in water bills.

Although Mayor Michael Bloomberg was against the idea in the past, he says that the increase will generate money for the city?s sewer projects. Some lawmakers said the hike wouldn't be necessary if the city didn't make the water board have rent payments based on its growing debt. With the increase, payments will total $122 million for 2009.

The rate increase will go into effect in July.