Water Authority Board Adopts Fiscal Year 2008 Budget

Friday, June 22, 2007

After holding a public hearing June 21, 2007, the Western Virginia Water Authority (Authority) Board of Directors voted to adopt the proposed annual budget for Fiscal Year 2008. This is the fourth annual budget for the Authority, and it provides for the reliable operation of the utility, continued commitment to replacing infrastructure, system improvements and providing for growth while maintaining a healthy financial standing.

Operating and Maintenance expenses reflect the ongoing success of creating efficiencies within the organization, while ensuring the system is well maintained.

Capital Expenditures provide for the replacement of aging mains, improving line capacity, meter replacement, growth of new service areas and the replacement of fleet and capital equipment.

Water Fund will maintain a healthy debt service coverage of 2.08. The Water Pollution Control Fund debt service coverage ratio will be 1.59.

The budget includes mid-year rate changes previously outlined by the Board as part of the six-year rate equalization program for City and County customers.

A copy of the adopted fiscal year 2008 budget.