{"id":17097,"date":"2015-02-05T12:11:51","date_gmt":"2015-02-05T12:11:51","guid":{"rendered":"https:\/\/viconsortium.com\/?p=17097"},"modified":"2015-02-05T12:48:25","modified_gmt":"2015-02-05T12:48:25","slug":"hugo-hodge-wapa-board-praise-2014-fiscal-report-as-coverage-ratio-increases","status":"publish","type":"post","link":"http:\/\/wp.viconsortium.com\/?p=17097","title":{"rendered":"Hugo Hodge, WAPA Board Praise 2014 Fiscal Report As Coverage Ratio Increases"},"content":{"rendered":"

Virgin Islands Water and Power Authority (WAPA) officials and board members are praising the semi-autonomous entity’s\u00a0latest audit that revealed its\u00a0coverage ratio (the\u00a0measure of a company’s ability to meet its financial obligations) was much higher than expected — reported at 225 percent — well over the required 125 percent.<\/p>\n

The higher the coverage ratio, the better the ability of the enterprise to fulfill its financial obligations to its lenders, WAPA pointed out.<\/p>\n

“We’ve had a good 2014, and we\u2019ve exceeded all of the coverage requirements for the electric system,” said WAPA Executive Director, Hugo Hodge.<\/p>\n

According to BDO USA, LLP,\u00a0which conducted the audit that covers fiscal year ending June 2014, WAPA’s water system’s net position<\/a><\/span> increased by $3.7 million, or 8 percent, as a result of better operations.\u00a0The company’s operating and production expenses saw a drop\u00a0from $36.0 million to $29.9 million, which, compared to 2013, is a decrease of 17 percent.<\/p>\n

The substantial savings in operating and production expenses resulted from a decrease of $6.5 million in cost of WAPA’s production of distributed water, and a decrease of $684,000 in depreciation expenses.\u00a0Increases in maintenance operations cost the company $244,000, and another $177,000 was spent on customer expenses, which were not detailed in information issued from WAPA.\u00a0Administrative costs grew by $625,000. Those expenses were also not detailed.<\/p>\n

WAPA’s net position<\/span> for its electric system operations saw an increase of $2.9 million or 6 percent, as a result of better 2014 operations. The utility’s total operating revenue was $321.2 million, down from $339 million in 2013, a decrease of $17.8 million.\u00a0According to the report, the decrease in total operating revenue came as a result of a decrease in fuel escalator<\/a><\/span> revenues of $16.5 million, and base revenues of $12.2 million, which was offset by “other revenues” of $10.9 million.<\/p>\n

Capital grants and contributions received by WAPA electric system equated to $11.5 million for fiscal year 2014, compared to $4.9 in fiscal year 2013. Of the $11.5 million, $267,000 was used on streetlight projects,$377,000 on\u00a0the Frenchman’s Bay Road utility relocation project, and $485,000\u00a0for the Rothschild Francis Market Square project.<\/p>\n

Encouraged by the findings, WAPA board member\u00a0Donald Francois, said, “These are all favorable points that will definitely improve our previous rating and help the Authority in looking for funding.”<\/p>\n

In relation to WAPA’s future financial results, company\u00a0CFO Julio Rhymer, Sr. told the board that as WAPA moves forward “our financial position is improving because our management of expenses is improving.”<\/p>\n

Board members in attendance at Tuesday’s special meeting were Chairman Atty. Gerald Groner, Vice Chair Juanita R. Young, Secretary Noel Loftus, Donald Francois, Cheryl Boynes Jackson, and Elizabeth Armstrong.<\/p>\n

 <\/p>\n

Feature Image: WAPA’s Executive Director Hugo Hodge.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Virgin Islands Water and Power Authority (WAPA) officials and board members are praising the semi-autonomous entity’s\u00a0latest audit that revealed its\u00a0coverage ratio (the\u00a0measure of a company’s ability to meet its financial obligations) was much higher than expected — reported at 225 percent — well over the required 125 percent.<\/p>\n","protected":false},"author":1,"featured_media":13004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3,191,147],"tags":[1061],"yoast_head":"\nHugo Hodge, WAPA Board Praise 2014 Fiscal Report As Coverage Ratio Increases - V.I. 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