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Pender County staff and advisers warn utility CIP will need borrowing; rural water access requires grants and planning
Summary
Davenport and county staff said the utilities fund has solid coverage but a >$200M five-year CIP will likely require debt financing, SDF adjustments and targeted revenue growth; commissioners pressed for a utilities master plan and state/federal grant strategy to extend water to rural western Pender County.
Davenport and county utilities staff told commissioners at the retreat that Pender's public-utility finances are sound by many metrics but that an extensive capital program will require financing and careful planning.
Davenport reported roughly $65.8 million in utility debt outstanding and estimated FY25 operating revenue of about $12 million with operating expenses near $8.1 million, leaving roughly $6.7 million in net revenue compared with annual debt service of about $4.7 million (about 1.44 times coverage). Drew from the presentation: "That 1.44 times coverage is a solid level, but we would like to see it nearer 1.5 or higher," a Davenport presenter said.
The county's draft five-year utility capital improvement program…
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