Mount Pleasant Utilities Board of Trustees met in regular session Tuesday. The board received the annual audit report for the previous fiscal year completed by TDT CPA’s and Advisors. The bottom line and good news is that the utilities stayed financially healthy. Cash decreased by two million dollars due to 4.8 million in capital projects but prior financial planning allowed for the projects to be self funded. The utilities saw one point 8 million increase in total assets and accounts payable was up by $385,000. No new debt was added. Revenues were within $20,000 of last year and total capital expenses were up by $345,000. Income was 1.1 million compared to 1.5 million from the year before. Cash generated by operations…selling water or power was three million compared to 2.5 million the previous year. That cash is used to fund utility projects. Revenue was $117,000 over budget and expenses came in under budget. The report was approved by the trustees on the recommendation of Manager Jack Hedgecock and Treasurer Randy Neff.
Hedgecock provided an update on the next big project for the Utilities….a well and pump on Cedar Lane. The design phase is 70% complete. The current plan is to split the project into three packages for bidding and send the packages out for bid in January. If all goes well bids could be received and contracts offered in February with construction tentatively set to start in July of 2021. Completion could be expected in June of 2022. The price tag could be over three million dollars. There are also future plans to build a treatment plant on the same site.