Water Gas and Light held a Budget and Finance committee meeting Wednesday morning to discuss improvements needed for the next fiscal year.
As of now, WGL net worth is $71 million, however 84 percent of that money is wrapped up in assets and a little over $2 million was conveyed as restricted funds, also known as money used as reserves. Reserved money is used for emergency purposes; an example would be restoring equipment that supplies electricity after a natural disaster.
Since the reserves are low, one goal the committee came to was making sure a policy was in place to allocate funds to the reserves every year. This would in turn give them more stabilization as a company.
The committee also strives to have four books keeping track of debt and income from each source; which would include water, gas, light and telecom. With four books the company will be able to pin point the strengths and weaknesses of each revenue stream.
Lastly, the committee discussed implemented a $15.00 late fee for Telecom customers. The late fee will be further discussed in Thursday's board meeting and the next committee meeting will be on May 28th