El Paso Water reports third-quarter drainage utility receipts; $2M MLK payment expected

Jonathan Persol, senior line and contract administrator with El Paso Water, presented the board with the third-quarter financial report for the drainage utility 10% fee, reviewing balances, allocations and upcoming obligations.

"Balance as of September first of 2024 is $2,464,126," Persol reported from his slide deck, and he said the allocation of the 10% utility revenue for the third quarter was $954,582 and interest earnings were $32,637. Persol said expenses for the quarter were recorded and gave a consolidated quarter-end balance for the drainage utility fee account.

Board members asked about outstanding obligations. Persol identified a forthcoming payment related to an MLK obligation of $2,000,000 and said the payment is likely to be made "about right now or maybe even into next month"; he described the remaining payment schedule as roughly $2,000,000 for the next three years with a final year amount near $1,992,000 (Persol said he would provide a formal schedule at the next meeting).

Board member Dr. Bonar asked whether updates on negotiations or divestment related to MLK would require a closed session; Persol said those negotiations remain ongoing and said such discussion would belong in closed session. Board members confirmed there were no third-quarter expenses charged against recently acquired lands, and Persol said he would provide the board with an obligations schedule at the next meeting.

No action or vote was taken on the financial report; it was presented for information and board questions.