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Sarpy County wastewater agency reports clean audit, recommends smaller WIFIA draw to strengthen debt coverage
Summary
At the Jan. 6 Sarpy County meeting, Wastewater Agency Director Dan Hollins reported a clean audit and recommended drawing $33 million of a $45 million WIFIA loan to improve debt-service coverage; agency staff will return with WIFIA’s formal response and any required approvals.
Dan Hollins, director of the Sarpy County and City Wastewater Agency, told the Sarpy County Board of Commissioners on Jan. 6 that the agency completed its annual audit on time for the first time since it was formed and received an unmodified (clean) opinion.
The audit showed the agency’s assets exceeded liabilities by about $40,000,000. Hollins said revenues excluding budgeted loan draws for the year were reported as 1.3 (units not further specified in the presentation) and that the agency finished the year roughly $676,000 under its approved budget. He said auditors identified two findings: a timing issue where a journal entry was posted after the fiscal year closed and, commonly for small…
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