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Authority accepts financial statements, elects officers and confirms committee appointments
Summary
At its regular meeting the Spalding County Water Authority approved December financial statements, accepted committee minutes, elected Wade Cannon chair, **** Morrow vice chair, reappointed Joseph Johnson secretary-treasurer and confirmed committee chairs and membership. Staff reported cash balances, bond sinking fund and year-end encumbrances.
The Spalding County Water Authority approved the financial statements for the period ending Dec. 31 and accepted committee minutes, then completed annual officer elections and committee appointments for calendar year 2025.
The board elected Wade Cannon chairman and **** Morrow vice chairman for 2025; Joseph Johnson was reappointed secretary-treasurer. The board also confirmed committee chairs and membership for finance, planning and bylaws committees.
Erica Dye, Deputy County Manager for Administration, presented the financial statement summary: revenues for the water authority were reported as $5,800,000 for the month ending Dec. 31 for fiscal year 2025; staff reported a stated expense figure in the meeting transcript and a slight revenue deficiency of $65,473 as of Dec. 31. Cash balances reported in the meeting included combined United and Truist operating accounts totaling $4,361,345; a United Bank money market investment balance of $11,883,499; a depreciation reserve balance of $972,325 (after year-end audit adjustments); and a 2015 bond sinking fund balance of $1,091,075. Staff also said an encumbrance of $54,723 related to purchases not yet made contributed to the year-end position, and that a GDOT reimbursement of $260,726 had been booked earlier and received on Sept. 5.
The board moved to accept the financial statements and approved them unanimously. The board also approved acceptance of minutes from the Dec. 18 regular meeting and the Jan. 8 joint committee meeting.
Other routine items approved by the board included adoption of the 2025 regular meeting schedule (with a potential December meeting cancellation left to board discretion) and appointments to standing committees: Clay Davis was named finance committee chair; **** Morrow was named planning committee chair; Gwen Flowers Taylor was named bylaws committee chair; and the board confirmed committee memberships as presented.
All routine actions (agenda adoption, minutes acceptance, financial statement acceptance, officer elections and committee appointments) were moved and seconded and recorded as approved by the authority. Several board members emphasized follow-up work on funding and planning items for upcoming committee meetings.
