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FPU audit shows all departments in the black

Posted on Monday, October 1, 2012 at 4:20 pm

Fayetteville Public Utilities’ recent audit report indicates that all departments are operating in the black.

“This is the fifth year in a row we have all departments in the black,” Paul Young, CPA with Putman & Hancock, told the FPU board of directors last week.

Young was on hand during FPU’s monthly meeting to present the annual financial audit.

A review of audits over the past five years indicates that operational expenses have remained steady throughout that period, Young told board members.

“Over a five-year period, we’re very consistent in our costs,” said Young.

Costs as a percentage of revenue were 18 percent in 2008 and 17 percent in 2012, averaging 17 percent over the past five years.

Young told board members that the overall audit was a good one.

“The audit went very well,” he said. “There were no significant findings to report.”

Britt Dye, CEO and general manager, commended his staff for their efforts.

“It went really, really well,” Dye said of the audit. “The employees worked very hard, especially in the accounting department. It was a good audit.”

The board of directors voted unanimously to approve the annual audit.

In other business last week, the board voted to accept a bid of $110,969 from CFW for the wastewater treatment plant outfall improvements; a bid of $238,351 from Hawkins & Price for the Wells Hill Road/Wallace Drive water line replacement; a bid of $130,603 from Vermeer for a horizontal boring machine; and a bid of $37,290 from AmComm Telecommunications for fiber optic installation for Nashville off air channels from the Blanche substation to Ardmore behind First National Bank.

Additionally, the board approved the low bid of $25,591 from Woody Anderson Ford for a 4×4 extended cab pickup truck.