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News September 14, 2010  RSS feed

Flo Water reports show financial growth

By Mac Shadix

Vice President Wallace Jones presided over the monthly meeting of the Flo Community Water Supply Corporation in the absence of President Bob Boettcher. Director Richard Moran was also absent from the meeting. The meeting was held in the Celebration Church rooms on Highway 79.

The group set the annual budget workshop for Friday, Sept. 17 at two p.m. No action was taken on a written request from Barbara Hankins to have a set rate for senior citizens. A new contract with Southeast water for emergency water supplies was approved. Jones pointed out that only a few dollars were spent on the arrangement this year and that it was just for customer protection in the far south area.

Reports presented at the meeting showed the continued progress from the state of bankruptcy only three years ago. The corporation reported cash on hand, in membership funds, operating funds, USDA Reserve, depreciation fund, and petty cash as $271,898.71. Net income for the month of August was reported as $28,359.28.

This financial health is good because Flo Water is facing major infrastructure demands from TCEQ and maintance backlogs from the past. Both more water supply and increased storage issues will have to be met soon, along with upgrades on an ageing pipeline system.

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