Water Board has $650,769 in debt payments in new budget recommendation
The Louisa Utility Board met for a Special Meeting on Thursday, May , 2017 to approve the Budget for the Water/Sewer Department for FY 2017-2018. Those in attendance were Mayor Harold Slone, Mitch Castle Council, Sam Lester Board and Heath Preston Board.
Jeff Kinser Board and Steve Lycans Board were absent.
The Budget for the year was discussed in depth. A new format for the Budget that will “mimic the City side of the Budget” was explained by the Mayor. There will be four departments in the budget. Those 4 areas are Water, Sewer, Distribution and Administration.
This enhancement to existing accounting procedures will allow the Louisa Water/Sewer to better measure and monitor their account receivables and expenditures.
Total Revenue for the FY is expected to be $3,261,160.79 with a total of $2,610,391.79 in spending along with a debt service of $650,769. There was also a Contingency Fund added as an item to the budget with a goal of increasing it until it reaches 4-5% of the budget. Motion made by Heath Preston, second by Sam Lester. All members were in agreement to approve this budget.
The Mayor stated ” In the past we had no way of checking if we were on budget or not. This will allow us to review throughout the year how we are doing. This will also benefit the Water/Sewer Department as the Sewer Rehabilitation Project moves forward.”
Any measures passed by the utilities board must also be approved by City Council.
The Members were also in agreement to bid out the purchase of the Water Plant Chemicals.
The meeting was then adjourned.
