County Water and Sewer Authority audit released
The Lycoming County Water and Sewer Authority shows assets of $50.8 million for the year ending 2020, according to an audit released by Baker Tilly.
“You are in good fiscal shape right now,” Adam Hartzel, of Baker Tilly, told members of the authority board during their recent monthly meeting.
He reported that the Authority had a net loss of about $120,000 during the year due to refinancing of debts and COVID-19 related issues.
In the previous year, the net loss was $105,000.
“Only losing $120,000 is good overall,” he said.
Authority Executive Director Christine Weigle said it could be considered a “break-even year.”
The refinancing of the Montoursville Regional Sewer bond amounted to about $85,000 of the net income loss.
In response to the audit, the board approved a corrective action plan regarding checks and balances for handling money.
Weigle talked briefly about the Lairdsville sewer system.
As yet, advertisements to bid the $3.8 million Franklin Township project have not been done.
“We are deciding the best time to go out for bids with regard to market conditions,” she said. “We are developing a strategy for that.”
The project is being financed by a $2.8 million PennVEST grant and $1 million in other grant dollars.