Council discusses Waterworks reserves, approves meter project procurement steps

Harpers Ferry, W.Va. — Town staff briefed the Harpers Ferry Town Council July 29 on the financial structure and reserves that support the municipally owned Harpers Ferry Water Works, and presented a draft procurement packet for replacement of residential water meters.

Finance officer Debbie told council the water utility maintains two mandated reserves: a renew-and-replace fund (set by lenders and bond covenants) and the SB234 cash-working-capital reserve (CWCR), described in the meeting as a statutory requirement that aims to hold roughly one-eighth of operating-and-maintenance expenses. She said the water utility’s current balances were approximately $176,000 in the renew-and-replace account and $215,000 in the SB234/CWCR account. Debbie said the town must continue making monthly contributions to those accounts (described in the meeting as 2.5% and 6.7% of monthly revenue, respectively) and that some spending restrictions apply — the CWCR has tighter limits on when it can be used.

Council also discussed recent, emergency…