WG&L's Finances 'Not Pretty,' Interim GM Says
Friday, September 27th, 2013
Interim Water, Gas & Light General Manager Tom Berry minced no words after listening to the utility’s financial report Thursday morning.
“That’s not a pretty picture,” Berry said.
WG&L Finance Director John Vansant told the Water, Gas & Light Commission board that the utility’s assets-to-liabilities ratio is currently at 2-to-1 ($30 million to $15 million), a figure that Berry called alarming.
“I’ve been in 10 or 11 cities, and that ratio is one of the first indicators I look at,” the interim GM said. “I’ve never seen a municipal utility with that low a ratio; that’s a sad place for us to be. That’s something we have to address.”
