BWD reports loss for October
WELLSVILLE — With nearly $1 million in expenses last month, the Buckeye Water District took a large hit in finances as the October treasurer’s report was reviewed during Wednesday’s Finance Committee meeting.
The district reported a net loss for October of $675,478.17, which consisted of total revenue of $306,797.88 and expenses of $982,276.05. The district produced 38,301 gallons per 1,000, while its costs per thousand was $25.65 and its revenue of just $7.88 per thousand, leaving a loss of $17.77 per thousand.
The majority of the expenditures–and the major reason for the nearly $700,000 net loss–was due to four loan payments totaling $750,000, used for United States Department of Agriculture (USDA) revenue bonds to cover the district’s water treatment plant on state Route 45. According to the loan payment schedule, the $750,000 payment is scheduled in the month of October.
“From October 1 through June 1, we pay over $1 million in loans,” Fiscal Officer Tony D’Angelo said.
As for the 2016 calendar year, the district has one final loan payment remaining. That loan payment, due Dec. 1, is for $12,500 and covers the state Route 45 water line extension. D’Angelo said the loan payment will be made by the end of next week. Once the final loan payment is made, the district will have spent more than $1.732 million during 2016 on loans for several projects.
Along with the Route 45 extension and the water treatment plant, the district also is responsible for loan payments for the water treatment improvement in Salineville, the Main Street water line extension in Salineville, the transmission main, pump station and intake, two water line extensions on state Route 7, a water main feeder on state Route 39, the Wellsville water treatment plant improvement, and a meter replacement.
As for the rest of the report, the district reported it now has a remaining budget balance of $453,286.46. So far this year, counting the October expenditures, the district has spent close to $3.87 million of its $4.323 million budget.
Regarding revenue, out of the nearly $307,000 collected in October, the district received cash receipts of $301,845.82 through the 3,949 payments made by customers in October. That money collected through the window brings the average monthly revenue for 2016 to $291,937.19, and remains ahead of the district’s $285,000 monthly revenue goal.
D’Angelo also reported that from the monthly revenue, the district received a $4,545 reimbursement from the state auditor’s office. He said the extra money was due to the district being overcharged for its gap conversion.
The treasurer’s report will be presented to the district’s Board of Trustees during its meeting at 9 this morning in council chambers at Wellsville Village Hall on Main Street.