Water Authority Reports Surging Revenue Amid Drought Conditions
June 10, 2024 | Marietta, Cobb County, Georgia
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In a recent government meeting, significant financial updates and recommendations were discussed regarding the MEAG Telecom and Cobb Warner Authority.
The board reported that MEAG Telecom is concluding its operations without incurring additional costs, with a remaining balance of $424,000. The board recommended to the city council that their portion of $50,839 be applied to the next Miag bill. This recommendation was approved after a motion to add the item to the agenda was carried unanimously.
Turning to the Cobb Warner Authority, the report for the month ending April 30, 2024, highlighted a robust performance in water sales, averaging 74 million gallons per day, surpassing the budgeted figure of 70 million gallons. Revenue from water sales reached $7.6 million, exceeding expectations by $410,000. The net income for the month was reported at $3.2 million, which is $861,000 above budget projections. Year-to-date net income also showed strong performance, exceeding budget expectations by $3 million.
The report noted that capital project spending totaled $17.8 million, with a remaining commitment of $56 million in the annual capital improvement budget. Cash reserves for capital improvement projects stood at $92.4 million at the end of April. However, the average operating cost per 1,000 gallons sold increased to $2.26, up from $2.13 in the same period last year. Additionally, year-to-date rainfall was reported at 23 inches, a 14% decrease compared to the previous year, indicating potential drought conditions.
The meeting concluded with no objections to the recommendations made, reflecting a consensus on the financial strategies moving forward.
The board reported that MEAG Telecom is concluding its operations without incurring additional costs, with a remaining balance of $424,000. The board recommended to the city council that their portion of $50,839 be applied to the next Miag bill. This recommendation was approved after a motion to add the item to the agenda was carried unanimously.
Turning to the Cobb Warner Authority, the report for the month ending April 30, 2024, highlighted a robust performance in water sales, averaging 74 million gallons per day, surpassing the budgeted figure of 70 million gallons. Revenue from water sales reached $7.6 million, exceeding expectations by $410,000. The net income for the month was reported at $3.2 million, which is $861,000 above budget projections. Year-to-date net income also showed strong performance, exceeding budget expectations by $3 million.
The report noted that capital project spending totaled $17.8 million, with a remaining commitment of $56 million in the annual capital improvement budget. Cash reserves for capital improvement projects stood at $92.4 million at the end of April. However, the average operating cost per 1,000 gallons sold increased to $2.26, up from $2.13 in the same period last year. Additionally, year-to-date rainfall was reported at 23 inches, a 14% decrease compared to the previous year, indicating potential drought conditions.
The meeting concluded with no objections to the recommendations made, reflecting a consensus on the financial strategies moving forward.
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