Buckeye Water District finances pick up in January
WELLSVILLE — After a sluggish start of the year in January, the Buckeye Water District’s finances took an upswing in February as that month’s treasurer’s report was reviewed by the finance committee Wednesday.
For February, the district reported a monthly revenue of $404,362.58, along with expenses of $184,871.20, to bring a net income for the month of $219,491.38.
A total of 22,543 gallons were produced per 1,000 customers, to which the cost per thousand was $8.20 and its revenue per thousand was $17.94, resulting in a profit per thousand of $9.74.
The January report indicated a net loss of more than $337,000 as a result of five large loan payments made that month along with other expenses.
From the revenue, the total cash receipts — money coming through the window — came out to $314,417.50, but does not include a $90,000 check received from Rex Energy.
So far in 2017, the district is averaging $306,524.94 in monthly cash receipts.
From February through April, the district has no loan payments to make on its schedule as the next loan payments are due May 1. That day’s two loan payments — both in United States Department of Agriculture (USDA) Revenue Bonds — will consist of $54,267.50 toward the Main Street water line extension, and $27,222 toward the water treatment plant. A total of 11 loans payments will then be due throughout July.
Fiscal Officer Tony D’Angelo told the committee that money built up will be saved for the next loan payments.
The district has, so far, paid $415,771.96 on its loan schedule this year, and has a remaining balance of $1,388,383.92 to be paid throughout the year.
The committee also reviewed its monthly bank reconciliation for February, to which it noted one account with a starting balance of $482,855.14, but then took $52,977.85 in outstanding checks for payroll and included $2,338.35 in deposits in transit, leaving that depository balance with $432,215.64.
The reconciliation also noted its construction account ($125,100.33), enterprise ($482,855.14), loan account for the OWDA and USDA ($100,243.15), money market ($537,298.37), Ohio Public Works Commission ($458), health account ($16,812.93) and payroll account ($46,052.63). Taking away the outstanding checks for payroll from earlier, it left the district with a final reconciliation of $1.255 million.
As for its 2017 budget of $5,155,726.17, so far the district has spent $2,331,953.02, and has a remaining balance for the year of $3,055,172.68. Reflected in the both the beginning balance and money spent were a $1.5 million payment to the Columbiana County commissioners, which was discussed in the January treasurer’s report.