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Medford Water reports clean audit, $60 million debt for capital work and seeks FEMA grant
Summary
Medford Water officials told the council the utility received a clean audit and has taken on about $60 million in debt through WIFIA, an EPA loan and revenue bonds to fund resilience and capital projects; staff said managing liquidity risk is their top concern.
Representatives of Medford Water briefed the City Council on Jan. 15 about the utility’s recent audit, capital financing and debt plans.
Beau Bellic cough (identified in the meeting transcript as a Medford Water representative) told the council the utility received “a clean audit opinion. There were no findings or adjustments, no disagreements with our auditors.” He said the utility’s operating revenues were about $25,000,000, an 8% increase year over year, and that unrestricted net position had declined as the utility draws down funds to invest in resilience projects.
Bellic said Medford Water —…
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