Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget And Finance topic
No spam. Unsubscribe anytime.
Authority reports cash position, missing expense report and warns of PSE&G rate jump
Summary
The executive director reported the authority's cash position and revenue figures, explained why February's expense report was not available, and warned commissioners that PSE&G electric rates could rise 20–30% starting midyear, a change that will affect next fiscal year's budgeting.
Dr. Roach, executive director, told the Franklin Township Sewage Authority that revenue collections and cash position are within expected ranges but that the monthly expense report was not ready because the authority’s bookkeeper recently resigned.
"As of January 31, we received checks that were deposited $3,224,603.43," Dr. Roach said, and added year‑to‑date collections of $14,341,566.74 and an open balance due for non‑metered sewage of $10,364,561.52. For February, penalties generated were $19,195.98.
Dr. Roach said the authority had not produced an expense report for the meeting because the bookkeeper left after six months of employment and a temporary bookkeeper is being trained during a platform migration to a new finance system. He said the authority will produce the missing expense report before the next meeting and share it with commissioners.
The authority reported its net cash position as of Feb. 28: unrestricted cash $2,678,878.75; restricted cash $14,720,557.14; designated cash $4,582,842.24; total net cash position $21,982,278.13.
Looking ahead to budget planning, Dr. Roach said the fiscal year budget process begins this week for a June 1 fiscal year start and could be completed by June 1 or, at worst, by Aug. 1. He said staff are considering a possible user rate increase pending the financial analysis and that connection fees "may go up" after that review.
Dr. Roach warned commissioners that regional electric supplier PSE&G is expected to increase rates substantially. "PSE and G rates are gonna be going up approximately 20%, maybe as high as 30%," he said, and added that the rise will affect the authority’s operations budget and should be reflected in the upcoming fiscal year budget.
Staff scheduled a personnel‑committee meeting to review bookkeeping office reconfiguration; Dr. Roach also said cross‑training has allowed a billing staff member to assist in bookkeeping duties while the agency fills the vacancy.
