The Board received its preliminary fiscal audit from Sept. 2003 to Sept. 2004 from Kirkland and Associates of Gadsden.
According to the report, the board’s current assets total as of May 31 is $2, 571,360.
The board’s total operating revenue is $702,193.
The board’s total operating expenses is $505,866.
The board’s operating loss is $46,242.
“A reason for part of our operating loss is that this audit is as of May 31,” said board member Ethel Sprouse. “Much of our revenue comes during the summer months. Many utility boards operate at a loss until their peak seasons of the year. We’ve got to continue to look at every aspect of business that we conduct especially our expenses.
“The $46,000 loss greatly concerns me, and we’ll continue to take the steps to improve our fiscal well being. We need to change our procedures and make good business decisions for the people of Cedar Bluff.”
“We want to turn this around, and it’s going to take a lot of work,” said Board Chairman Donald Sanders. “We’ve inherited a lot of these costs, but we should reap the rewards of these expenses in a few years. I want to stress that this is just a preliminary audit.”
In other business, the council received an appraisal from Gadsden Certified Appraiser Eddie Guess on board-owned lakefront property.
Sprouse read the appraisal, which stated that the board’s 14.84-acre property is appraised at $565,000 value for a high-density residential zoning plan.
Sprouse noted that the bids for said property would be opened on Aug. 1 at 4 p.m. at a specially-called meeting.
Sprouse pointed out that the Town Planning Commission, not the Utility Board, would re-zone the property. Sprouse further noted that the board would make the application for re-zoning and that any offer received by the board for said property would be contingent on re-zoning
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