The service is provided by the Department of Public Works (DPW).
SAO Ron Roach says the hamlet is looking at a Memorandum of Understanding (MOU) with the Department of Finance and DPW.
A draft of the MOU has been sent to hamlet lawyers for review, as well as to its auditors to ensure proper systems are set up and accounting done properly.
Roach says one benefit the review will provide is that the hamlet will know the true revenue involved with water and sewage. "DPW, through the MOU, must provide us with the actual cost of maintaining the system throughout the year," says Roach.
"Basically, it's a small step toward taking over the system in another year or two.
"But, we're proceeding carefully. We want to take small steps before we start taking bigger steps."
There are about 20 Rankin homes and businesses dependent upon trucked water and another 26 on sewage.
The service is more prevalent within the business community, with most local businesses still dependent on trucked water and sewage.
Another incentive for the hamlet to take over the water-and-sewage service is the administration fee it collects when it assumes a contract.
"In this case, it would be less than 10 per cent, but, more importantly, we're also looking at this as a way to create more employment in the community.
"If this project were to come to fruition, we'd create one full-time position in finance, as well as a half position for doing meter readings."
Roach says anytime the hamlet takes over a government program, it has Community Government and Transportation (CG&T) act as a third party to ensure the venture is a money-making proposal.
"They (CG&T) will confirm the submitted numbers from the other departments involved are correct.
"If all goes according to plan, we should know within the next 60 days if water and sewage would be a viable project for the hamlet."