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Board reviews finances: $1.7M bank balance, USDA reimbursements and options to finance fuel purchase
Summary
Staff reported a bank balance of about $1.7 million, noted reimbursements from USDA for previously paid costs, and discussed financing options for an anticipated 1.7 million-gallon oil order; members asked for clearer budget reporting and timing.
Staff presented the utility’s financial snapshot and answered board questions about reimbursements and fuel financing.
"Bank account right now, we've got about 1,700,000," a staff member said, adding that reimbursements have reduced outstanding balances and that the next large bill will be a pilot payment of about $125,000. Another staff speaker said the utility had sent copies of checks to USDA and was requesting reimbursement for costs already spent; staff emphasized the USDA funds are reimbursements rather than new funds to be used for other purposes.
The nut graf: these finance items affect the utility’s cash flow and choices for how to pay for essential fuel and operations. Board members pressed staff on which budget the report compares to and on when formal budget work will be completed. One member asked if the utility’s fiscal year matches the city’s calendar or ends in June; staff confirmed the utility uses a calendar fiscal year.
Members and staff also discussed options for paying for the annual oil order, roughly 1,700,000 gallons this year. Staff said the utility typically sells a revenue anticipation note that North Rim purchases to cover fuel bills; North Rim indicated it can accept internal financial statements. Board members urged staff to finish audit and inventory work so the utility can pursue financing if needed.
The board approved procedural items (minutes and agenda) earlier in the meeting, and later voted to enter executive session. There were no formal budget approvals recorded at this session; staff was directed to continue finalizing financial statements and to pursue reimbursement and financing options as necessary.
The board’s next procedural step was to move into executive session at 05:47 PM.
