The Bedford Regional Water Authority updated its financial policies this past week for its monthly meeting June 16.
The resolution for the policy changes was passed unanimously. Some of the changes include a Financial Management Policy, which is a new policy that is mandatory for Government Finance Officers Association Budget award submission. A purchasing policy was changed to match the Code of Virginia updates that were made back in July 2019. Policies on investments, debt and post issuance compliance was adjusted to mirror position title changes.
One other resolution that was passed during the meeting was on rates, which BRWA Director of Administration Megan Aubrey stated in an email was “only for adding a special rate for Paradise Point, and no other rates were added or changed.” The resolution passed unanimously.
Another resolution that was passed unanimously was an overview of water system policy revisions, which was passed to clear up the conditions for irrigation and fire suppression meters.
On a side note, the BRWA opened their lobby for customers Monday, June 15, which means they can now pay their bills in person.
Director of Finance Jill Underwood mentioned that for financial statements, revenue is at 87 percent and expenditures are at 78 percent. Revenue on the waterside was up about $20,000 from April numbers, which Underwood said was up about 3 percent. For the sewer, Underwood said they are up $89,000 from April numbers, which is a 5.5 percent increase.
“Revenue’s are coming up from April to May, so we are seeing an increase,” she said.
Read more stories in the current issue of the Smith Mountain Eagle newspaper. Pick up a copy or subscribe at www.smithmountaineagle.com/subscriber_services to view articles in the print and/or e-edition version.