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Walsburg water project: $3 million in grant/loan funds being spent; retainage and a $75,000 principal payment noted
Summary
Council members reviewed the water construction project's remaining grant funds, retainage, and the effect of loan principal payments on operating cash flow and depreciation accounting.
WALSBURG, Utah — Council members were updated Feb. 27 on the status of the townwater construction project, remaining grant funds, and the water fund's operating picture as officials manage construction retainage and debt service.
Kyle Walker of Pelorus reported that the town had received grant and loan proceeds related to the water construction project and that about $377,000 remains in escrow to spend on the project. “You have, in escrow, you have 377,000 left for that project,” Walker said, explaining that retainage and final change orders account for much of the remaining balance.
Retainage and invoices: Walker told the council that some construction…
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